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Gold Trades to Fresh Cycle High, Confirming Extension of Uptrend

COMMODITIES

WTI futures traded higher Monday and the contract is holding on to the bulk of its recent gains. Key short-term resistance is located at $82.66, the Jan 18 high. Clearance of this hurdle would reinstate the recent bullish theme and expose $83.14, the Dec 1 high and $85.33, a Fibonacci retracement. On the downside, the support to watch lies at $78.45, the Jan 19 low. A breach of this level would signal a potential reversal. Trend conditions in Gold remain bullish and the yellow metal has traded to a fresh cycle high today. This confirms an extension on the uptrend and maintains the price sequence of higher highs and higher lows. Moving average studies are in a bull mode position - reflecting the uptrend. The focus is on $1963.0 next, a Fibonacci retracement. Support to watch lies at $1878.5, the 20-day EMA. Short-term pullbacks are considered corrective.


  • WTI Crude up $0.18 or +0.22% at $81.77
  • Natural Gas up $0.07 or +2.06% at $3.519
  • Gold spot up $4.63 or +0.24% at $1935.79
  • Copper up $0.25 or +0.06% at $425.9
  • Silver up $0.11 or +0.45% at $23.5617
  • Platinum up $1.45 or +0.14% at $1052.82
Energy BulletsCommodities
Energy BulletsCommodities

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