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Gold Trend Conditions Appear Bullish Despite Recent Pullbacks


Trend conditions in WTI futures remain bearish, however, the latest recovery highlights the start of a possible corrective cycle. A continuation higher would allow an oversold trend reading to unwind, ahead of a resumption of the downtrend. The next resistance is at $77.74, the 20-day EMA. On the downside, the bear trigger lies at $70.08, the Dec 9 low. A break would resume the downtrend. Trend conditions in Gold remain bullish and recent pullbacks appear to be a correction. A fresh trend high on Dec 5 reinforced a bullish theme and price has recently breached $1786.5, the Nov 15 high and a bull trigger, confirming a resumption of the uptrend. $1800.0 has been cleared and sights are on $1807.9, the Aug 10 high that has been pierced. A clear break would be bullish. Key trend support is at $1729.0, the Nov 23 low.

  • WTI Crude up $1.01 or +1.38% at $74.05
  • Natural Gas up $0.22 or +3.4% at $6.815
  • Gold spot up $2.79 or +0.16% at $1784.23
  • Copper up $2.25 or +0.59% at $382.4
  • Silver up $0.04 or +0.17% at $23.3308
  • Platinum down $0.34 or -0.03% at $1006.09

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