Short-Term Pullback in Gold Corrective, Technical Conditions Unchanged

WTI futures traded lower again Tuesday as the pullback from $89.85, the Oct 20 high, extends. The medium-term trend condition is bullish and the recent move lower still appears to be a correction. A resumption of gains would expose the bull trigger at $92.48, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the medium -term uptrend. For bears, a move through $80.20, the Oct 6 low, would instead highlight a short-term top. Gold conditions are unchanged - the uptrend remains intact and a short-term pullback is considered corrective. Price has recently breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. The continuation higher strengthens a bullish theme and opens $2022.20 next, the May 15 high. Initial firm pivot support lies at $1926.7, the 50-day EMA. Clearance of this level is required to signal a short-term top and a potential reversal.

• WTI Crude up $0.54 or +0.67% at $81.59
• Natural Gas down $0.06 or -1.59% at $3.524
• Gold spot down $0.98 or -0.05% at $1981.88
• Copper down $1 or -0.27% at $363.95
• Silver down $0.21 or -0.91% at $22.6214
• Platinum down $8.75 or -0.93% at $927.98