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Recent Price Action in Gold Affirms Bearish Conditions

COMMODITIES

The uptrend in WTI futures remains intact. The contract traded higher yesterday, confirming a resumption of the bull cycle. Price has also breached resistance at $83.59, the Nov 7 2022 high. A clear break of this hurdle would strengthen a bullish condition and pave the way for a climb towards $87.43, a Fibonacci projection. Moving average studies remain in bull-mode condition highlighting an uptrend. Initial firm support lies at $78.69, the Aug 3 low. Gold remains bearish and the yellow metal traded lower yesterday, confirming an extension of the bear cycle that started Jul 20. $1924.5, the Jul 11 low, has been breached. The move lower signals potential for weakness towards the key support at $1893.1, the Jun 29 low. A break of this level would strengthen bearish conditions. Initial firm resistance to watch is $1947.2, the 50-day EMA.


  • WTI Crude up $0.09 or +0.11% at $84.54
  • Natural Gas down $0.01 or -0.17% at $2.958
  • Gold spot up $4.81 or +0.25% at $1920.91
  • Copper up $1.95 or +0.52% at $380.25
  • Silver up $0.14 or +0.63% at $22.8401
  • Platinum up $9.57 or +1.07% at $904.2
Energy BulletsCommodities
Energy BulletsCommodities

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