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COMMODITIES: Recent Gains in Gold Appear Technically Corrective, For Now

COMMODITIES

The trend structure in WTI futures remains bullish and the contract is trading just ahead of its recent highs. The stronger reversal to the upside has resulted in a breach of key short-term resistance at $76.41, the Oct 8 high. Clearance of this hurdle strengthens a bull theme and opens $79.59, the Jul 5 ‘24 high. On the downside, a reversal lower would expose the 20-day EMA, at $73.15. This average is seen as a key short-term support. Recent gains in Gold appear corrective - for now. However, the yellow metal continues to hold on to the bulk of last week’s gains and scope is seen for a continuation higher near-term. A stronger recovery would open $2726.2, the Dec 12 high and an important resistance. Clearance of this level would be a bullish development. On the downside, a reversal lower would expose $2583.6, the Dec 19 low. Initial support is at $2644.3, the 50-day EMA.

  • WTI Crude down $0.03 or -0.04% at $77.46
  • Natural Gas down $0.01 or -0.2% at $3.96
  • Gold spot up $9.39 or +0.35% at $2686.8
  • Copper down $0.85 or -0.2% at $433.5
  • Silver up $0.21 or +0.72% at $30.1135
  • Platinum up $1.49 or +0.16% at $943.78
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The trend structure in WTI futures remains bullish and the contract is trading just ahead of its recent highs. The stronger reversal to the upside has resulted in a breach of key short-term resistance at $76.41, the Oct 8 high. Clearance of this hurdle strengthens a bull theme and opens $79.59, the Jul 5 ‘24 high. On the downside, a reversal lower would expose the 20-day EMA, at $73.15. This average is seen as a key short-term support. Recent gains in Gold appear corrective - for now. However, the yellow metal continues to hold on to the bulk of last week’s gains and scope is seen for a continuation higher near-term. A stronger recovery would open $2726.2, the Dec 12 high and an important resistance. Clearance of this level would be a bullish development. On the downside, a reversal lower would expose $2583.6, the Dec 19 low. Initial support is at $2644.3, the 50-day EMA.

  • WTI Crude down $0.03 or -0.04% at $77.46
  • Natural Gas down $0.01 or -0.2% at $3.96
  • Gold spot up $9.39 or +0.35% at $2686.8
  • Copper down $0.85 or -0.2% at $433.5
  • Silver up $0.21 or +0.72% at $30.1135
  • Platinum up $1.49 or +0.16% at $943.78