Gold Trading Above 20- and 50-Day EMAs, Strengthening Recent Rally

WTI futures traded higher Friday and the contract is holding on to its recent gains. The latest recovery has highlighted a key support at $81.50, the Oct 6 low. The medium-term trend condition remains bullish and an extension higher would expose the bull trigger at $95.03, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the uptrend. For bears, a move through $81.50, would instead highlight potential for a stronger bear cycle. Gold traded sharply higher Friday, clearing both the 20- and 50-day EMAs. The rally strengthens the recent reversal and exposes the next key resistance at $1953.0, the Sep 1 high. Clearance of this level would further strengthen a bullish theme. Note that moving average studies continue to highlight a broader bear trend condition, however, prices would need to trade below Friday's low of $1868.8 to signal a reversal.

• WTI Crude down $0.41 or -0.47% at $87.29
• Natural Gas down $0.08 or -2.38% at $3.158
• Gold spot down $20.4 or -1.06% at $1912.78
• Copper up $1.6 or +0.45% at $358.65
• Silver down $0.18 or -0.79% at $22.5438
• Platinum up $1.19 or +0.13% at $885.61