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Gold Bumped to New Multi-Month Highs

COMMODITIES
  • Spot gold cleared decent resistance layered between the May/April highs at 1796-98 Thursday, hitting the best levels since mid-February. The gains confirm a resumption of the uptrend that started early August where a reversal pattern in the shape of a double bottom began. This pattern was confirmed on Apr 8.
  • The move higher paves the way for a climb towards $1818.1, the 50.0% retracement of the Jan 6 - Mar 8 sell-off.
  • Energy markets were less fortunate, with the oil price rally seen earlier in the week running out of steam and fading into the close. WTI and Brent crude futures gave back around $1/bbl of the recent rally, running lower despite a pullback in the USD. These relieves some technical indicators that were beginning to err toward overbought, suggesting this may be a pause, rather than an end, to the recent rally.
Energy BulletsCommodities
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