May 15, 2024 09:04 GMT
M/T Trend Structure Bullish for Gold
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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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