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COMMODITIES: Long-Term Bullish Trend in Gold Remains

COMMODITIES
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A bearish threat in WTI futures remains present and the contract is trading closer to its recent lows. A continuation of the bear cycle would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high. Gold traded higher Monday. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance to watch is $2721.4, the Nov 25 high. Clearance of this level would highlight a bullish short-term development. Key support to monitor is $2536.9, the Nov 14 low. First support is $2605.3, the Nov 26 low.

  • WTI Crude down $0.31 or -0.45% at $68.09
  • Natural Gas down $0.02 or -0.6% at $3.163
  • Gold spot up $4.88 or +0.18% at $2665.08
  • Copper down $2.9 or -0.68% at $424.55
  • Silver down $0.01 or -0.04% at $31.815
  • Platinum up $0.04 or +0% at $941.29
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A bearish threat in WTI futures remains present and the contract is trading closer to its recent lows. A continuation of the bear cycle would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high. Gold traded higher Monday. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance to watch is $2721.4, the Nov 25 high. Clearance of this level would highlight a bullish short-term development. Key support to monitor is $2536.9, the Nov 14 low. First support is $2605.3, the Nov 26 low.

  • WTI Crude down $0.31 or -0.45% at $68.09
  • Natural Gas down $0.02 or -0.6% at $3.163
  • Gold spot up $4.88 or +0.18% at $2665.08
  • Copper down $2.9 or -0.68% at $424.55
  • Silver down $0.01 or -0.04% at $31.815
  • Platinum up $0.04 or +0% at $941.29