MNI China Daily Summary: Tuesday, May 14

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CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

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Gold Remains Close to Last Week's Cycle Highs

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A bull theme in WTI futures remains intact and the latest move lower is considered corrective - for now. Recent gains reinforced current bullish conditions and confirmed a resumption of the uptrend. The contract has breached $84.87, the Sep 15 ‘23 high, paving the way for a climb towards the $90.00 handle further out. The next objective is $89.08, a Fibonacci projection. Initial firm support to watch lies at $83.86, the 20-day EMA. The trend condition in Gold remains bullish and the yellow metal is trading closer to its recent highs. The latest rally maintains the price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode condition, reflecting positive market sentiment. The next objective is $2452.5, a Fibonacci projection. Initial firm support is at $2276.1, the 20-day EMA.


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A bull theme in WTI futures remains intact and the latest move lower is considered corrective - for now. Recent gains reinforced current bullish conditions and confirmed a resumption of the uptrend. The contract has breached $84.87, the Sep 15 ‘23 high, paving the way for a climb towards the $90.00 handle further out. The next objective is $89.08, a Fibonacci projection. Initial firm support to watch lies at $83.86, the 20-day EMA. The trend condition in Gold remains bullish and the yellow metal is trading closer to its recent highs. The latest rally maintains the price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode condition, reflecting positive market sentiment. The next objective is $2452.5, a Fibonacci projection. Initial firm support is at $2276.1, the 20-day EMA.


Keep reading...Show less