Gold Trading Close to Recent Lows with Outlook Bearish

The uptrend in WTI futures remains intact and the recent pullback appears to be a correction. Firm support to watch lies at $78.33, the Aug 3 low. A clear break of this level would signal scope for a deeper short-term retracement. For bulls, a resumption of gains would refocus attention on the next objective at $85.24, a Fibonacci projection. Moving average studies are in bull-mode condition, highlighting an uptrend. Gold is trading at its recent lows and the outlook remains bearish. Price has breached key support at $1893.1, the Jun 29 low. The clear break strengthens bearish conditions and signals scope for $1865.8, a Fibonacci retracement. Moving average studies remain in bear mode condition, highlighting current bearish sentiment. On the upside, initial firm resistance to watch is $1935.7, the 50-day EMA.

• WTI Crude up $0.56 or +0.69% at $81.77
• Natural Gas up $0.06 or +2.43% at $2.616
• Gold spot down $0.2 or -0.01% at $1889.03
• Copper down $1.25 or -0.33% at $373
• Silver up $0.04 or +0.16% at $22.7846
• Platinum down $6.56 or -0.72% at $908.79