Gold Trades Within Close Proximity of 50-Day EMA

The uptrend in WTI futures remains intact, however, the contract remains in a short-term bearish corrective cycle. The trend condition is overbought and a move lower would allow this to unwind. The first key support to watch lies at $86.58, the 20-day EMA and is a potential short-term objective. On the upside, clearance of Tuesday’s $92.43 high would confirm a resumption of the uptrend and open $94.66, a Fibonacci projection. Gold traded higher Wednesday but quickly pulled back from the session high. The recent breach of the 50-day EMA does highlight a possible developing bullish threat. Key resistance is at $1953.0, the Sep 1 high where a break is required to confirm a bullish theme. On the downside, $1901.1, the Sep 14 low, marks a key near-term support. A breach of this level would strengthen a bearish theme and expose $1884.9, the Aug 21 low.

• WTI Crude up $0.66 or +0.74% at $90.08
• Natural Gas up $0.03 or +1.03% at $2.635
• Gold spot up $6.64 or +0.35% at $1927.27
• Copper up $4.4 or +1.19% at $373.8
• Silver up $0.31 or +1.33% at $23.7364
• Platinum up $10.08 or +1.09% at $934.26