COMMODITIES: Gold Trading Close to This Week's Highs, Bullish Theme Strengthens
WTI futures have pulled back from Tuesday high and price has again traded below the 50-day EMA - at $72.14. Attention is on $70.43, the Feb 6 low. It has been pierced, a clear break would undermine a bullish theme and confirm a breach of the 50-day EMA. This would strengthen a bearish threat and open $68.05, the Dec 20 ‘24 low. Key S/T resistance has been defined at $75.18. A move above this level is required to reinstate a bull theme. A bull cycle in Gold remains in play and the yellow metal is trading closer to its latest highs. Recent gains once again confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on the $2962.2, a Fibonacci projection. The first key support to watch is $2820.6, the 20-day EMA.
- WTI Crude up $0.28 or +0.39% at $71.59
- Natural Gas up $0.07 or +1.79% at $3.693
- Gold spot up $7.09 or +0.24% at $2935.29
- Copper up $1.45 or +0.3% at $484
- Silver up $0.93 or +2.88% at $33.2715
- Platinum up $9.73 or +0.97% at $1009.67