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Pullback in Gold Still Considered Technically Corrective

COMMODITIES

Bearish conditions in WTI futures remain intact and the latest recovery is considered corrective. The contract has recently cleared support at $72.37, the Nov 16 low. The break lower confirms a resumption of the downtrend and note too that moving average studies are in a bear-mode position, highlighting a clear downtrend. Sights are on $67.28 next, the Jun 23 low. Resistance is seen at $74.46 the 20-day EMA. The latest pullback in Gold is considered corrective and this is allowing an overbought trend condition to unwind. The next support to watch is $1978.4, the 50-day EMA. It has been pierced. A clear break would signal scope for a deeper retracement. Last week’s early gains reinforce the primary bullish condition. The yellow metal traded to a fresh all-time high of $2135.4 and this signals potential for a climb towards $2177.6 next, a Fibonacci projection.


  • WTI Crude up $0.34 or +0.48% at $71.64
  • Natural Gas up $0.01 or +0.49% at $2.442
  • Gold spot up $4.08 or +0.21% at $1985.4
  • Copper up $2.35 or +0.62% at $380.3
  • Silver up $0.1 or +0.42% at $22.9132
  • Platinum up $9.24 or +1.01% at $921.95
Energy BulletsCommodities
Energy BulletsCommodities

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