COMMODITIES: Gold Remains in a Clear Bull Cycle

A bear cycle in WTI futures remains intact and the latest bull phase appears to be a correction. This short-term corrective cycle remains in play and Tuesday’s rally reinforces this theme. Initial resistance to watch is $66.56, the Aug 4 high. Key short-term resistance has been defined at $69.36, the Jul 30 high. Clearance of this level would cancel a bear theme. A resumption of weakness would pave the way for a move towards $57.71, the May 30 low. Gold remains in a clear bull cycle. This week’s gains have resulted in a breach of key resistance at $3500.1, the Apr 22 high, and delivered a fresh all-time high in the yellow metal. The break confirms a resumption of the primary uptrend and an extension of the sequence of higher highs and higher lows. The next objective is the $3600.00 handle. Initial firm support to watch lies at $3396.2, the 20-day EMA.

• WTI Crude down $0.15 or -0.23% at $65.43
• Natural Gas down $0.03 or -1.1% at $2.976
• Gold spot up $7.24 or +0.2% at $3540.08
• Copper down $0 or 0% at $464.05
• Silver down $0.07 or -0.17% at $40.7962
• Platinum down $14.54 or -1.03% at $1396.04