GOLD: Rallying towards the Record high

SX7E (21st Mar) 170/174/180c fly, bought for 0.30 in 6k.

Recent weakness in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention is on support around the 50-day EMA, at $72.20. Price has traded through the average, a clear break of it would suggest scope for a deeper retracement. This would open $68.05, the Dec 20 ‘24 low. On the upside, a clear reversal higher would refocus attention on $79.48, the Apr 12 ‘24 high and a key resistance. A bull cycle in Gold remains in play and the yellow metal has again traded to a fresh cycle high. The continued appreciation once again confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on the $2962.2, a Fibonacci projection. The first key support to watch is $2776.3, the 20-day EMA.

• WTI Crude up $0.83 or +1.15% at $73.17
• Natural Gas up $0.05 or +1.48% at $3.492
• Gold spot down $2.06 or -0.07% at $2908.02
• Copper down $7.65 or -1.63% at $462.9
• Silver down $0.27 or -0.85% at $31.787
• Platinum down $4.19 or -0.42% at $987.84

Eurostoxx 50 futures are holding on to their recent gains and a bull cycle remains in play. Last week’s gains marked  a resumption of the uptrend that started on Nov 21 ‘24. Moving average studies are in a bull mode set-up too, highlighting a dominant uptrend. The focus is on 5381.13 next, a Fibonacci projection. Initial firm support to watch lies at 5211.11, the 20-day EMA. The 50-day EMA is at 5094.95. The initial sell-off on Feb 3 in the S&P E-Minis contract and the breach of support at 5948.00, Jan 27 low, continues to highlight a possible S/T reversal threat. If correct, it suggests that the latest bounce is a correction. A resumption of weakness would open 5892.37, a Fibonacci retracement point. On the upside, a stronger rally would expose key resistance at 6178.75, the Dec 6 ‘24 high. Clearance of this hurdle would resume the primary uptrend.

• In China the SHANGHAI closed lower by 4.113 pts or -0.12% at 3318.057 and the HANG SENG ended 227.12 pts lower or -1.06% at 21294.86.
• Across Europe, Germany's DAX trades higher by 8.06 pts or +0.04% at 21944.46, FTSE 100 lower by 1.7 pts or -0.02% at 8764.82, CAC 40 down 2.76 pts or -0.03% at 8009.47 and Euro Stoxx 50 up 0.79 pts or +0.01% at 5364.12.
• Dow Jones mini down 106 pts or -0.24% at 44482, S&P 500 mini down 20 pts or -0.33% at 6070.25, NASDAQ mini down 92 pts or -0.42% at 21758.5.