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Price Signal Summary - Bear Threat In Gold Remains Present

OUTLOOK
  • On the commodity front, Gold remains in consolidation mode and is trading closer to its recent lows. The precious metal last week pierced the 20-day EMA and this highlights the start of a possible corrective cycle. A continuation lower would signal scope for an extension towards $2233.6, the 50-day EMA. Note that a short-term bear cycle would allow a significant overbought condition to unwind. Key resistance and the bull trigger is at $2431.5, the recent Apr 12 high.
  • In the oil space, WTI futures continue to trade above key short-term support at $81.14, the 50-day EMA. The recent move down between Apr 12 - 22, highlights a corrective phase and a clear break of the 50-day average would signal scope for a deeper retracement towards $76.07, the Mar 11 low. On the upside, key resistance and the bull trigger has been defined at $86.97, the Apr 12 high.
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