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Price Signal Summary - Corrective Cycle In Gold Still In Play

OUTLOOK
  • On the commodity front, Gold trend conditions are bullish, however, the yellow metal remains in bearish cycle and the recent move lower is considered corrective. Moving average studies are in a bull-mode set-up and this highlights an uptrend. Support to watch is $1976.8, the 50-day EMA and $1969.3, the Apr 19 low. A clear break of this support zone is required to highlight a stronger bearish threat. Key resistance and the bull trigger is at $2063.0, the May 4 high.
  • In the oil space, WTI futures remain below recent highs and the short-term outlook is bearish. The recovery from the May 4 low appears to have been a correction and this allowed an oversold trend condition to unwind. Initial resistance is at $73.93, the Apr 28 low ahead of $76.92, the Apr 28 high. On the downside, the recent print below $64.58, the Mar 20 low and a key support, reinforces a bearish theme. A clear break of it would resume the medium-term downtrend.
Metals Technical AnalysisMetals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Metals Technical AnalysisMetals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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