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M/T Trend Structure Bullish for Gold

COMMODITIES

A bearish theme in WTI futures remains intact and the contract continues to trade closer to its recent lows. Price has recently breached the 50-day EMA, strengthening a short-term bearish set-up that highlights potential for a deeper correction. The medium-term trend structure in Gold remains bullish and this is reinforced by moving average studies that are in a bull-mode position. Near-term, a push higher would refocus attention on 2431.50, the Apr 12 high and bull trigger.

  • WTI Crude up $0.47 or +0.6% at $78.5
  • Natural Gas up $0.02 or +0.85% at $2.364
  • Gold spot up $15.38 or +0.65% at $2373.23
  • Copper up $15.2 or +3.11% at $504.45
  • Silver up $0.29 or +1.01% at $28.902
  • Platinum up $14.33 or +1.38% at $1051.53
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