COMMODITIES: Recent Move Lower for Gold Allowing Overbought Trend to Unwind
A bearish theme in WTI futures remains intact and the recovery since Apr 9 is - for now - considered...
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COMMODITIES: Bearish WTI Future Trend Intact Despite Latest Gains
Despite recent gains, a bearish trend condition in WTI futures remains intact. However, a key pivot resistance at $69.12, the 50-day EMA, has been pierced. A clear breach of this hurdle would strengthen a bullish theme and open $70.98, the Feb 25 high. For bears, a reversal lower would expose the bear trigger at $64.85, the Mar 5 low. Clearance of this level would resume the downtrend and open $63.73 next, the Oct 10 ‘24 low. A clear uptrend in Gold remains intact and last week’s resumption of the bull cycle reinforces current conditions. The yellow metal is holding on to the bulk of its recent gains. Last Thursday’s fresh trend high reinforces the bull theme and sights are on $3079.2 next, a Fibonacci projection. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend and positive market sentiment. Support is at $2964.9, the 20-day EMA.
- WTI Crude up $0.29 or +0.42% at $69.4
- Natural Gas up $0.01 or +0.28% at $3.925
- Gold spot up $10.4 or +0.35% at $3021.36
- Copper up $4.1 or +0.81% at $513.15
- Silver up $0.24 or +0.72% at $33.2493
- Platinum up $8.13 or +0.83% at $983.93
