Gold Trades Near Support at 50-Day EMA

Trend signals in WTI futures remain bearish and the pullback from last Friday’s high reinforces this theme. Resistance to watch is $74.36, the 50-day EMA. It has recently been pierced, a clear break would strengthen a bullish theme and expose $76.18, the Dec 26 high. Moving average studies remain in a bear-mode position, highlighting a downtrend. The trigger for a resumption of the downtrend is $67.98, Dec 13 low. Gold has pulled back from its most recent highs. Attention is on support at $2017.3, the 50-day EMA and last week’s low of $2013.4 (Jan 11). A breach of both support points would strengthen a bearish threat and expose a key level at $1973.2, the Dec 13 low. For bulls, clearance of $2088.5 would reinstate the bull cycle that started Dec 13. This would open $2097.1, 76.4% of the Dec 4 - 13 bear leg. Initial resistance is at $2062.3, the Jan 12 high.

• WTI Crude down $1.61 or -2.22% at $70.83
• Natural Gas down $0.06 or -2.21% at $2.838
• Gold spot down $6.41 or -0.32% at $2022.49
• Copper down $2.95 or -0.78% at $373.8
• Silver down $0.15 or -0.66% at $22.7777
• Platinum down $7.28 or -0.81% at $892.68