Gold Trades Softer Following Reversal From Monday High

WTI futures remains vulnerable and the contract traded to a fresh low Monday before finding some support. Last week’s sell-off resulted in the break of key support at $71.10, the Dec 9 low. The breach confirms a resumption of the medium-term downtrend. Note too that price has also cleared the psychological $70.00 handle. Attention is on $62.43, the Dec 2 2021 low. Initial resistance is at $69.83, Friday’s high. A strong rally in Gold Friday saw the yellow metal trade to fresh YTD high of $1989.4. This confirms a resumption of the uptrend that has been in place since late September 2022. Monday’s gains resulted in a print above the psychological $2000 handle and this further strengthens current bullish conditions. It opens $2034.0 next, a Fibonacci projection. On the downside, Friday’s low of $1918.3 marks firm support.

• WTI Crude up $0.55 or +0.81% at $68.19
• Natural Gas up $0.03 or +1.35% at $2.255
• Gold spot down $12.69 or -0.64% at $1965.59
• Copper up $4.7 or +1.19% at $400.15
• Silver down $0.16 or -0.7% at $22.3817
• Platinum down $6.33 or -0.64% at $986.74