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Risk-Off Market Sentiment Sees Gold Edge Higher Thursday


WTI futures remain in a bear mode condition and recent gains still appear to be a correction. Initial firm resistance to watch is $72.72, the Jun 21 high. A break would expose $75.70, the Jun 5 high, where a break is required to signal a reversal. Support at $67.21, the May 31 low, was pierced last week, a clear break of this level would open $64.41, the May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. The trend condition in Gold is bearish and recent gains appear to be a correction. Fresh lows last week reinforce bearish conditions, confirming a resumption of the downtrend and extending the price sequence of lower lows and lower highs. MA studies are in a bear mode position highlighting current sentiment. The focus is on $1885.8, the Mar 15 low. Key resistance is $1985.3, the May 24 high. Initial resistance is $1931.4, the 20-day EMA.

  • WTI Crude up $0.43 or +0.6% at $72.18
  • Natural Gas down $0.01 or -0.23% at $2.651
  • Gold spot up $3.28 or +0.17% at $1918.48
  • Copper down $3 or -0.8% at $373.85
  • Silver up $0.06 or +0.28% at $23.1727
  • Platinum up $0.05 or +0.01% at $920.31

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