Trend Conditions in Gold Remain Bullish Despite Recent Pullback; Support Lies at 20-Day EMA

WTI futures remain in a bull cycle despite the latest pullback. Last week’s gains resulted in a break of resistance at $81.81, the Apr 4 high. This confirmed a resumption of the current uptrend. Note that an important resistance at $83.04, the Jan 23 high, has also been breached. The focus is on $85.01, the Nov 14 high. On the downside, key short-term support is seen at $79.00, the Apr 3 low and the gap high on the daily chart. Trend conditions in Gold remain bullish and the latest pullback is considered corrective. Support to watch is $1984.5, the 20-day EMA. It has been pierced - a clear break would suggest scope for a deeper retracement and expose $1949.7, Apr 3 low. On the upside, the short-term bull trigger has been defined at $2048.7, Apr 13 high. A break would resume the uptrend and open $2070.4, Mar 8 2022 high. This is just ahead of the all-time high of $2075.5.

• WTI Crude down $0.8 or -0.99% at $80.08
• Natural Gas up $0.01 or +0.55% at $2.379
• Gold spot down $15.82 or -0.79% at $1989.92
• Copper down $4.95 or -1.21% at $404.35
• Silver down $0.34 or -1.34% at $24.8624
• Platinum down $16.02 or -1.48% at $1067.07