Gold Trading Close to This Week's High
A bull theme in WTI futures remains intact and the latest pullback is considered corrective. Recent gains resulted in a break of $79.87, the Mar 1 high. The move higher confirms a resumption of the uptrend that has been in place since mid-December last year. Sights are on $83.87 next, the Oct 20 ‘23 high. A break of this level would open $84.87, the Sep 15 ‘23 high and a key resistance. Support to watch is $79.97, the 20-day EMA. The trend condition in Gold remains bullish and the yellow metal is trading closer to its recent highs. The initial rally on Mar 21 delivered another all-time high and confirmed a resumption of the primary uptrend. Moving average studies are in a bull-mode condition, reflecting positive market sentiment. This signals scope for a climb towards $2230.1, a Fibonacci projection. Key short-term trend support has been defined at $2146.2, the Mar 18 low.
- WTI Crude up $0.49 or +0.6% at $81.8
- Natural Gas down $0.01 or -0.81% at $1.706
- Gold spot up $1.73 or +0.08% at $2196.26
- Copper up $0.2 or +0.05% at $400.4
- Silver down $0.2 or -0.79% at $24.4635
- Platinum down $2.88 or -0.32% at $896.35