Free Trial

Gold Trades to Fresh Trend High, Focus on Apr 25 High Next

COMMODITIES

WTI futures traded higher last week and a short-term bull theme remains intact. A continuation higher would signal scope for a test of resistance at $81.50, the Jan 3 high and a bull trigger. Clearance of this hurdle is required to strengthen a bullish theme. The broader trend outlook still appears bearish. A reversal lower would expose the bear trigger that has been defined at $70.31, the Dec 9 low. Trend conditions in Gold remain bullish and the yellow metal has traded to a fresh trend high today. This confirms an extension on the current uptrend and maintains the positive price sequence of higher highs and higher lows. Note that moving average studies are in a bull mode position - reflecting the uptrend. The focus is on $1934.4 next, the Apr 25, 2022 high. Support to watch lies at $1843.5, the 20-day EMA.


  • WTI Crude down $0.43 or -0.54% at $79.41
  • Natural Gas up $0.21 or +6.23% at $3.627
  • Gold spot down $5.82 or -0.3% at $1914.32
  • Copper down $5.1 or -1.21% at $416.3
  • Silver down $0.07 or -0.3% at $24.1909
  • Platinum down $10.61 or -0.99% at $1057.92

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.