COMMODITIES: Gold Narrows Gap to Key Resistance and Bull Trigger at $4381.50

A bearish theme in WTI futures remains intact and the move down this week reinforces this theme. Note that moving average studies are in a bear-mode position, highlighting a dominant medium-term downtrend. A stronger resumption of the bear leg would open key support and the bear trigger at $55.99, the Oct 20 low. Clearance of this level would resume the downtrend. Key short-term resistance to watch is $61.84, the Oct 24 high. Gold traded higher yesterday, reinforcing a bullish theme. The bear phase between Oct 20 and 28 appears to have been a correction and note that the recovery since Oct 28 signals the end of that corrective cycle. Key support to watch is the 50-day EMA, at $4060.3. Clearance of this EMA would signal scope for a deeper retracement. Sights are on key resistance and the bull trigger at $4381.5, the Oct 20 high.

• WTI Crude up $0.09 or +0.16% at $57.65
• Natural Gas down $0.05 or -1.25% at $4.178
• Gold spot up $37.83 or +0.88% at $4318.39
• Copper down $3.3 or -0.6% at $546.5
• Silver up $0.54 or +0.85% at $64.111
• Platinum up $19.48 or +1.15% at $1718.81