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Weakness in Gold Strengthens a Bearish Threat

COMMODITIES

Trend signals in WTI futures remain bearish and the pullback from last Friday’s high reinforces this theme. Resistance to watch is $74.29, the 50-day EMA. It has recently been pierced, a clear break would strengthen a bullish theme and expose $76.18, the Dec 26 high. Moving average studies remain in a bear-mode position and continue to highlight a downtrend. The trigger for a resumption of the downtrend is $67.98, Dec 13 low. Gold has pulled back from its most recent highs and the yellow metal traded lower yesterday. The 50-day EMA has been cleared and support at $2013.4, the Jan 11 low, has also been breached. This strengthens a bearish threat and exposes a key level at $1973.2, the Dec 13 low. For bulls, clearance of 2062.3, the Jan 12 high, is required to signal a reversal. This would expose $2088.5, the Dec 28 high.


  • WTI Crude up $0.51 or +0.7% at $73.1
  • Natural Gas up $0.06 or +1.92% at $2.927
  • Gold spot up $5.56 or +0.28% at $2011.59
  • Copper down $0.05 or -0.01% at $373.05
  • Silver up $0.06 or +0.29% at $22.6235
  • Platinum up $7.86 or +0.89% at $895.31
Energy BulletsCommodities
Energy BulletsCommodities

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