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Last Week's Gains Reinforce Bullish Conditions in Gold

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A bearish theme in WTI futures remains in play and short-term gains are considered corrective. The break lower last week marks an extension of the downtrend that started late September and maintains the price sequence of lower lows and lower highs. Moving average studies are in a bear-mode position, highlighting bearish market sentiment. The focus is on $70.96, a Fibonacci retracement. Key resistance is at $79.65, the Nov 14 high. The trend condition in Gold remains bullish and recent gains reinforce this condition. Furthermore, MA studies are in a bull-mode set-up, highlighting a rising trend cycle. A stronger resumption of gains would open $2022.20, May 15 high. The bull trigger is at $2009.4, the Oct 27 high. Note that support at the 50-day EMA, at $1943.4, has been pierced. A clear break of this average would undermine the bullish theme and expose $1908.3, Oct 16 low.


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A bearish theme in WTI futures remains in play and short-term gains are considered corrective. The break lower last week marks an extension of the downtrend that started late September and maintains the price sequence of lower lows and lower highs. Moving average studies are in a bear-mode position, highlighting bearish market sentiment. The focus is on $70.96, a Fibonacci retracement. Key resistance is at $79.65, the Nov 14 high. The trend condition in Gold remains bullish and recent gains reinforce this condition. Furthermore, MA studies are in a bull-mode set-up, highlighting a rising trend cycle. A stronger resumption of gains would open $2022.20, May 15 high. The bull trigger is at $2009.4, the Oct 27 high. Note that support at the 50-day EMA, at $1943.4, has been pierced. A clear break of this average would undermine the bullish theme and expose $1908.3, Oct 16 low.


Keep reading...Show less