COMMODITIES: Gold Moving Average Studies Highlight Clear Dominant Uptrend

The trend structure in WTI futures remains bullish and the contract is holding on to its recent gains. A stronger reversal to the upside has exposed key short-term resistance at $76.41, the Oct 8 high. A firm resistance at $71.97, the Nov 7 high, has been breached, strengthening a bullish theme. On the downside, a reversal lower would expose support at the 20-day EMA, at $71.11. This average is seen as a key short-term support. A bear threat in Gold remains present despite the latest recovery. The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low. The first firm support to watch is $2583.6, the Dec 19 low. On the upside, a strong climb would instead signal scope for a climb towards resistance at $2726.2, the Dec 12 high.

• WTI Crude up $0.83 or +1.12% at $75.06
• Natural Gas up $0.15 or +4.41% at $3.597
• Gold spot up $4.45 or +0.17% at $2652.93
• Copper up $2.05 or +0.49% at $421.5
• Silver up $0.15 or +0.5% at $30.2022
• Platinum up $8.24 or +0.87% at $958.88

A bull cycle in the Eurostoxx 50 futures contract remains intact. This week’s strong rally highlights a reversal of the recent corrective pullback. Resistance at 5040.00, the Dec 9 high, has been pierced. A clear break of this level would confirm a resumption of the bull cycle that started on Nov 21 last year and open 5068.13, a Fibonacci projection. On the downside, initial firm support lies at 4925.88, the 50-day EMA. A bear threat in the S&P E-Minis contract remains present despite the most recent move higher. The reversal lower from the Dec 26 high, highlights the end of the Dec 20 - 26 correction. Attention is on 5866.00, Dec 20 low and a key S/T support. Clearance of this level would strengthen a bearish theme. Initial firm resistance is 6107.50, Dec 26 high. A breach of this hurdle would highlight a bull reversal and open key resistance at 6178.75, the Dec 6 high.

• Japan's NIKKEI closed lower by 102.24 pts or -0.26% at 39981.06 and the TOPIX ended 16.57 pts lower or -0.59% at 2770.
• Elsewhere, in China the SHANGHAI closed higher by 0.524 pts or +0.02% at 3230.168 and the HANG SENG ended 167.74 pts lower or -0.86% at 19279.84.
• Across Europe, Germany's DAX trades higher by 50.56 pts or +0.25% at 20391.34, FTSE 100 higher by 1.67 pts or +0.02% at 8247.05, CAC 40 down 9.86 pts or -0.13% at 7478.23 and Euro Stoxx 50 up 4.54 pts or +0.09% at 5016.36.
• Dow Jones mini up 89 pts or +0.21% at 42893, S&P 500 mini up 15 pts or +0.25% at 5969.25, NASDAQ mini up 57.75 pts or +0.27% at 21417.5.

SX5E (17th Jan) 4650/4050ps, bought for 1.2 and 1.1 in 9k.