MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI China Daily Summary: Monday, December 9

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Rally in Gold Tuesday Strengthens Bullish Trend Set-Up

COMMODITIES

A bearish theme in WTI futures remains in play following last week’s sharp sell-off and recent gains are considered corrective. The break on Nov 7 of support at $80.20, the Oct 6 low, highlights a stronger reversal and a continuation lower would pave the way for a move towards $74.26, the 76.4% retracement of the May 4 - Sep 28 bull run. Initial firm resistance has been defined at $83.60, the Nov 3 high. The recent pullback in Gold appears to be a correction and the trend remains bullish. Moving average studies are in a bull-mode set-up, highlighting a rising trend. A stronger resumption of gains would open $2022.20, May 15 high. The bull trigger is at $2009.4, the Oct 27 high. Note that support at the 50-day EMA, at $1939.4, has been pierced. A clear break of this average would undermine the bullish theme and expose $1908.3, Oct 16 low.


  • WTI Crude down $0.36 or -0.46% at $77.76
  • Natural Gas up $0.03 or +1.03% at $3.139
  • Gold spot up $6.81 or +0.35% at $1971.05
  • Copper up $1.1 or +0.3% at $369.1
  • Silver up $0.22 or +0.96% at $23.3075
  • Platinum up $2.53 or +0.28% at $892.06
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.