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Price Signal Summary - Bear Threat In Gold Remains Present

GOLD TECHS
  • On the commodity front, the bear cycle in Gold remains intact. The yellow metal breached trendline support last week, drawn from the Nov 3 2022 low. The trendline intersects at $1969.03. The break reinforces a bearish condition and marks a resumption of the downtrend. The focus is on $1903.5, 61.8% of the Feb 28 - May 4 bull cycle. Initial firm resistance is $1985.3, the May 24 high.
  • In the oil space, WTI futures continue to trade below resistance at $75.06, the Jun 5 high and the outlook remains bearish, despite last week’s recovery. Support at $67.03, May 31 low, has recently been pierced, a clear break would open $63.90, May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. A break of $75.06 would signal a reversal. S/T gains are considered corrective.
Energy BulletsCommodities
Energy BulletsCommodities

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