COMMODITIES: Trend Condition in Gold is Unchanged and Bullish

Recent weakness in WTI futures highlights a bearish theme. A stronger resumption of the bear leg would pave the way for a move towards key support and the bear trigger at $55.99, the Oct 20 low. Clearance of this level would resume the downtrend. Note that it is still possible a bullish corrective cycle remains in play. Resistance to watch is $61.84, the Oct 24 high. A clear break of this hurdle would signal scope for a stronger correction. The trend condition in Gold is unchanged, it remains bullish and the bear phase between Oct 20 and 28 appears to have been a correction. This allowed a recent overbought condition to unwind. Key support to watch lies at the 50-day EMA, at $3974.4. Clearance of this EMA would signal scope for a deeper retracement. The first short-term bull trigger has been defined at $4245.23, the Nov 13 high.

• WTI Crude up $0.08 or +0.14% at $58.72
• Natural Gas up $0.04 or +0.79% at $4.595
• Gold spot down $6.72 or -0.16% at $4155.71
• Copper down $2.6 or -0.5% at $516.8
• Silver down $0.14 or -0.27% at $53.2293
• Platinum up $13.09 or +0.82% at $1602.92