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Strong Rally in Gold This Week Reinforces Bullish Set-Up

COMMODITIES

The trend outlook in WTI futures is unchanged and remains bearish. Attention is on support at $72.37, the Nov 16 low. A break of this level would confirm a resumption of the downtrend that started late September and maintain a price sequence of lower lows and lower highs. Moving average studies are in a bear-mode position, highlighting a downtrend. Key resistance is unchanged at $79.65, the Nov 14 high. The trend condition in Gold remains bullish and this week’s strong rally reinforces this set-up. The yellow metal has traded through resistance at $2009.4, the Nov 7 high. The clear break of this hurdle has confirmed a resumption of the uptrend and signals scope for an extension towards 2063.0, the May 4 high and a key resistance. Note the all-time high at $2070.4 (Mar 8 ‘22). Initial firm support is at $1983.8, the 20-day EMA.


  • WTI Crude up $0.79 or +1.03% at $77.19
  • Natural Gas down $0.05 or -1.62% at $2.792
  • Gold spot down $1.92 or -0.09% at $2039.05
  • Copper up $0.45 or +0.12% at $384.1
  • Silver down $0.09 or -0.35% at $24.9375
  • Platinum down $4.91 or -0.52% at $939.87
Energy BulletsCommodities
Energy BulletsCommodities

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