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Gold Clears Support, Confirming Bear Flag

COMMODITIES
  • WTI and Brent crude futures trade in minor positive territory as markets unwind early weakness seen yesterday. The ebb higher comes despite modest strength in the greenback, with focus on the full OPEC+ videoconference on Thursday. Talks are clearly fraught, with reports this morning suggesting that negotiations had been delayed as Saudi and Russian representatives clashed on the need for more supply.
  • Despite pulling back from the high, the outlook remains bullish. A positive price sequence of higher highs and higher lows remains intact and signals scope for further upside with attention on $75.01, a Fibonacci projection.
  • Goldhas broken lower and cleared support at $1761.1, Jun 18 low. The break lower confirms a resumption of the downtrend that started Jun 1 and note the move lower has confirmed the bear flag that developed during the most recent consolidation phase.
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