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Price Signal Summary - Bear Threat In Gold Remains Present

OUTLOOK
  • On the commodity front, the trend condition in Gold is bearish for now and the yellow metal remains in a corrective cycle. This follows the strong sell-off on Thursday and Friday last week and sights are on the 50-day EMA, at $1854.4. This average represents a key support and if breached, would strengthen a bearish case and suggest scope for a deeper pullback. On the upside, key resistance and the bull trigger, has been defined at $1959.7, the Feb 2 high.
  • In the Oil space, a sharp sell-off last Friday in WTI futures reinforced bearish conditions. The move lower Monday resulted in a print below $72.74, the Jan 5 low and a key support. A clear break of it would strengthen the bearish theme and expose $70.56, Dec 9 low and a bear trigger. Prices have recovered this week but gains are considered corrective. Initial firm resistance to watch is at $78.34, the 50-day EMA. It has been pierced, a clear break would ease bearish pressure.
Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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