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MNI DAILY TECHNICAL ANALYSIS - Gold Resumes Primary Uptrend

MNI (LONDON) - Price Signal Summary – Gold Confirms Resumption of Primary Uptrend

  • S&P E-Minis traded higher Monday, reinforcing the current bull cycle and confirming an extension of the reversal that started Aug 5. Price has cleared resistance at 2600.75, the Aug 1 high and this signals scope for an extension towards key resistance and the bull trigger at 5721.25, the Jul 16 high. Eurostoxx 50 futures have traded higher, starting the week on a bullish note and extending the recovery that started Aug 5. The contract has traded through the 50-day EMA, at 4867.41.
  • GBPUSD started the week on a firmer note, trading to a fresh short-term trend high and the pair is holding on to its recent gains. The bullish extension highlights a stronger reversal. USDJPY continues to trade below last week’s high and resistance at the 20-day EMA remains intact. The trend direction is down and recent gains appear to have been a correction. A stronger reversal lower would refocus attention on key support at 141.70. AUDUSD started the week on a bullish note as the pair on Monday, extended the reversal that started Aug 5. The move higher cancels a recent bearish theme. Price has cleared 0.6693, 76.4% of the Jul 11 - Aug 5 bear leg.
  • WTI futures have been unable to hold on to recent gains and the contract continues to trade lower. The move down undermines a recent bullish theme and this has exposed key support at $71.67, the Aug 5 low and the bear trigger. Gold remains bullish and is holding on to its latest gains. Last Friday’s rally delivered a fresh all-time high and the breach of resistance at $2483.7, the Jul 17 high, confirmed a resumption of the primary uptrend.
  • Bund futures are unchanged. A bullish trend condition remains intact and recent gains reinforce this theme. 133.21, the Jun 14 high, was cleared on Jul 29, confirming a resumption of the uptrend. Note that moving average studies are in a bull-mode position too. The trend condition in Gilt futures remains bullish and the latest pullback still appears to be a correction. Note that the move lower has allowed an overbought trend reading to unwind. A resumption of bullish price action would signal scope for a climb towards 101.78. 

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MNI (LONDON) - Price Signal Summary – Gold Confirms Resumption of Primary Uptrend

  • S&P E-Minis traded higher Monday, reinforcing the current bull cycle and confirming an extension of the reversal that started Aug 5. Price has cleared resistance at 2600.75, the Aug 1 high and this signals scope for an extension towards key resistance and the bull trigger at 5721.25, the Jul 16 high. Eurostoxx 50 futures have traded higher, starting the week on a bullish note and extending the recovery that started Aug 5. The contract has traded through the 50-day EMA, at 4867.41.
  • GBPUSD started the week on a firmer note, trading to a fresh short-term trend high and the pair is holding on to its recent gains. The bullish extension highlights a stronger reversal. USDJPY continues to trade below last week’s high and resistance at the 20-day EMA remains intact. The trend direction is down and recent gains appear to have been a correction. A stronger reversal lower would refocus attention on key support at 141.70. AUDUSD started the week on a bullish note as the pair on Monday, extended the reversal that started Aug 5. The move higher cancels a recent bearish theme. Price has cleared 0.6693, 76.4% of the Jul 11 - Aug 5 bear leg.
  • WTI futures have been unable to hold on to recent gains and the contract continues to trade lower. The move down undermines a recent bullish theme and this has exposed key support at $71.67, the Aug 5 low and the bear trigger. Gold remains bullish and is holding on to its latest gains. Last Friday’s rally delivered a fresh all-time high and the breach of resistance at $2483.7, the Jul 17 high, confirmed a resumption of the primary uptrend.
  • Bund futures are unchanged. A bullish trend condition remains intact and recent gains reinforce this theme. 133.21, the Jun 14 high, was cleared on Jul 29, confirming a resumption of the uptrend. Note that moving average studies are in a bull-mode position too. The trend condition in Gilt futures remains bullish and the latest pullback still appears to be a correction. Note that the move lower has allowed an overbought trend reading to unwind. A resumption of bullish price action would signal scope for a climb towards 101.78. 

FOREIGN EXCHANGE

Keep reading...Show less