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Trend Conditions in Gold Bullish After Trading to Fresh Cycle High Thursday

COMMODITIES

WTI futures traded higher Wednesday but price pulled back from the $82.38 session high. This highlights a potential bearish threat. Attention is on support at $77.75, the 20-day EMA. A break of this average would highlight a stronger bear threat and expose support at $72.46, the Jan 5 low. On the upside, key short-term resistance has been defined at $82.38 where a break would reinstate the recent bullish theme. Trend conditions in Gold remain bullish and the yellow metal traded to a fresh cycle high on Thursday. This confirms an extension on the uptrend and maintains the price sequence of higher highs and higher lows. Note that moving average studies are in a bull mode position - reflecting the uptrend. The focus is on $1963.0 next, a Fibonacci retracement. Support to watch lies at $1867.4, the 20-day EMA. Short-term pullbacks are considered corrective.


  • WTI Crude up $0.74 or +0.92% at $81.07
  • Natural Gas down $0.08 or -2.56% at $3.18
  • Gold spot down $3.6 or -0.19% at $1929.57
  • Copper up $1.3 or +0.31% at $424.75
  • Silver up $0.07 or +0.31% at $23.9487
  • Platinum up $1.13 or +0.11% at $1037.75
Energy BulletsCommodities
Energy BulletsCommodities

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