Gold remains in a clear downtrend and last week’s extension lower reinforces this theme. The move lower has confirmed a resumption of the downtrend that started early March - price has cleared support at $1681.0, the Jul 21 low. A bearish threat in WTI futures remains present and yesterday’s bounce is considered corrective. The recent break of support at $85.37, the Aug 16 low, confirmed a resumption of the downtrend that started Jun 8 and also highlights the end of a broad sideways move that has been in place since mid-July.
- WTI Crude up $0.64 or +0.75% at $86.38
- Natural Gas up $0.09 or +1.21% at $7.84
- Gold spot down $5.5 or -0.33% at $1670.25
- Copper down $0.3 or -0.09% at $350.4
- Silver down $0.21 or -1.06% at $19.349
- Platinum up $3.31 or +0.36% at $924.91