Gold Trend Conditions Remain Bullish

Trend conditions in WTI futures remain bearish and this week’s move lower has reinforced this theme. $74.96, the Sep 28 low, has been cleared. This break confirms a resumption of the downtrend and sights are on the $70.00 psychological handle. Moving average studies are in a bear mode condition, highlighting the current trend direction. Key resistance is at $82.17, the 50-day EMA. Trend conditions in Gold remain bullish and Monday’s retracement appears to be a correction. A fresh trend high last week reinforced a bullish theme and price breached $1786.5, the Nov 15 high and a bull trigger, confirming a resumption of the uptrend. $1800.0 has also been cleared and sights are on resistance at $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 $0.16 or +0.22% at $71.67
• Natural Gas down $0.03 or -0.54% at $5.941
• Gold spot up $1.78 or +0.1% at $1791.24
• Copper down $0.15 or -0.04% at $388.85
• Silver down $0.05 or -0.21% at $23.0491
• Platinum down $5.63 or -0.56% at $1004.23