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Gold Clears January Resistances, Reaches Near 10-Month High Post-Fed

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A sharp sell-off on Wednesday in WTI futures has reinforced current bearish conditions. The contract has breached support at $78.45 this week, the Jan 19 low. The move lower undermines the recent bull theme and a continuation would signal potential for an extension towards $72.74, the Jan 5 low. On the upside, the bull trigger has been defined at $82.66, the Jan 18 high. A break of this level is required to reinstate the recent bullish theme. Trend conditions in Gold remain bullish and the yellow metal traded higher Wednesday, clearing resistance at 1949.20, the Jan 26 high. This confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on $1963.0, a Fibonacci retracement. Initial firm support to watch lies at $1906.8, the 20-day EMA and $1900.9, the Jan 31 low. A break of this zone would signal a short-term reversal.


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A sharp sell-off on Wednesday in WTI futures has reinforced current bearish conditions. The contract has breached support at $78.45 this week, the Jan 19 low. The move lower undermines the recent bull theme and a continuation would signal potential for an extension towards $72.74, the Jan 5 low. On the upside, the bull trigger has been defined at $82.66, the Jan 18 high. A break of this level is required to reinstate the recent bullish theme. Trend conditions in Gold remain bullish and the yellow metal traded higher Wednesday, clearing resistance at 1949.20, the Jan 26 high. This confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on $1963.0, a Fibonacci retracement. Initial firm support to watch lies at $1906.8, the 20-day EMA and $1900.9, the Jan 31 low. A break of this zone would signal a short-term reversal.


Keep reading...Show less