Gold Within Close Proximity of Key Support at $1903.9

The uptrend in WTI futures remains intact and this week’s gains reinforce this condition. The break higher confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Note too that moving average studies are in a bull-mode position, highlighting a rising trend. Sights are on the psychological $90.00 handle. On the downside, initial firm support to watch lies at $84.35, the 20-day EMA. Gold traded lower again yesterday. Key support to watch lies at $1903.9, the Aug 25 low. A break of this level would be viewed as a bearish development and highlight the fact that the recovery between Aug 21 - Sep 1 has been a correction. This would expose $1884.9, the Aug 21 low. On the upside, initial firm resistance is seen at $1928.7, the 50-day EMA. Key resistance is at $1953.0, the Sep 4 high.

• WTI Crude up $0.66 or +0.75% at $89.28
• Natural Gas up $0.05 or +1.79% at $2.728
• Gold spot down $1.11 or -0.06% at $1906.79
• Copper up $1.55 or +0.41% at $380.95
• Silver down $0.27 or -1.18% at $22.5576
• Platinum down $0.62 or -0.07% at $901.69