Pullback in Gold Considered Corrective, Trend Conditions Still Bullish

WTI futures are consolidating and the contract remains below Monday’s high of $82.64. Key short-term resistance is located at $82.66, the Jan 18 high. Clearance of this hurdle would reinstate the recent bullish theme and expose $83.14, the Dec 1 high and $85.33, a Fibonacci retracement. On the downside, the support to watch lies at $78.45, the Jan 19 low. A break of this level would signal a potential reversal. Trend conditions in Gold remain bullish and the latest pullback is considered corrective. Recent cycle highs confirm an extension of the uptrend and maintain the price sequence of higher highs and higher lows. Moving average studies remain in a bull mode position - reflecting the uptrend. The focus is on $1963.0 next, a Fibonacci retracement. Initial firm support to watch lies at $1893.7, the 20-day EMA.

• WTI Crude up $0.74 or +0.91% at $81.77
• Natural Gas down $0.03 or -1.02% at $2.914
• Gold spot down $2.95 or -0.15% at $1926.32
• Copper up $0.85 or +0.2% at $427.75
• Silver down $0.2 or -0.83% at $23.7143
• Platinum down $5.36 or -0.52% at $1016.15