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Recent Gains in Gold Considered Technically Corrective


WTI futures remain above last week’s lows and key short-term support has been defined at $73.80, the Feb 22 low. Moving average studies are in a bear-mode position and for now, this continues to highlight a downtrend. A break of the $73.80, would open $72.64, the Feb 6 low. Initial resistance to watch is at $77.91, the 50-day EMA. A clear break of this EMA would be a bullish development and signal scope for a stronger recovery. Trend conditions in Gold remain bearish and price is trading below the 50-day EMA, at $1846.4 - recent gains are considered corrective. The break of the 50-day EMA, in mid-February, strengthened the case for bears. Sights are on $1800.0 and $1787.3, the 50.0% retracement of the uptrend between Sep 28 and Feb 2. On the upside, the 50-day EMA marks the first key short-term resistance. A clear breach of this average would ease bearish pressure.

  • WTI Crude up $0.38 or +0.49% at $77.32
  • Natural Gas down $0.04 or -1.28% at $2.753
  • Gold spot down $4.23 or -0.23% at $1831.57
  • Copper down $3.8 or -0.91% at $414.35
  • Silver down $0.19 or -0.92% at $21.037
  • Platinum up $0.05 or +0.01% at $963.95

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