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COMMODITIES: Moving Average Studies for Gold Remain in Bull Mode Position

COMMODITIES
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A bearish threat in WTI futures remains present and recent gains are - for now - considered corrective. A resumption of the bear cycle would open $65.57, the Oct 1 low, and $63.73, 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 $76.41, the Oct 8 high. Initial firm resistance to watch is unchanged at $71.97, the Nov 7 high. Gold traded sharply lower on Dec 18. The move down undermines a recent bullish theme. A resumption of weakness would signal scope for an extension towards the key support at $2536.9, the Nov 14 low. Moving average studies are in a bull mode position highlighting a medium-term uptrend and this suggests that the latest sell-off is likely a correction. Initial pivot resistance is $2640.0, the 20-day EMA. A breach of this EMA would be positive for bulls.

  • WTI Crude up $0.18 or +0.26% at $69.8
  • Natural Gas up $0.11 or +3.01% at $3.827
  • Gold spot down $9.12 or -0.35% at $2624.81
  • Copper down $1.2 or -0.29% at $411.5
  • Silver down $0.16 or -0.55% at $29.6462
  • Platinum down $1.37 or -0.15% at $939.24
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A bearish threat in WTI futures remains present and recent gains are - for now - considered corrective. A resumption of the bear cycle would open $65.57, the Oct 1 low, and $63.73, 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 $76.41, the Oct 8 high. Initial firm resistance to watch is unchanged at $71.97, the Nov 7 high. Gold traded sharply lower on Dec 18. The move down undermines a recent bullish theme. A resumption of weakness would signal scope for an extension towards the key support at $2536.9, the Nov 14 low. Moving average studies are in a bull mode position highlighting a medium-term uptrend and this suggests that the latest sell-off is likely a correction. Initial pivot resistance is $2640.0, the 20-day EMA. A breach of this EMA would be positive for bulls.

  • WTI Crude up $0.18 or +0.26% at $69.8
  • Natural Gas up $0.11 or +3.01% at $3.827
  • Gold spot down $9.12 or -0.35% at $2624.81
  • Copper down $1.2 or -0.29% at $411.5
  • Silver down $0.16 or -0.55% at $29.6462
  • Platinum down $1.37 or -0.15% at $939.24