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Price Signal Summary - Downtrend In Gold Remains Intact

OUTLOOK
  • On the commodity front, the bear cycle in Gold remains intact and the yellow metal is trading closer to recent lows. Trendline support was breached last week - the line is drawn from the Nov 3 2022 low and intersects at $1975.7. 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 and a reversal trigger.
  • In the oil space, WTI futures are trading closer to this week’s highs. Despite recent gains, the outlook remains bearish and the contract is trading below resistance at $75.70, the Jun 5 high. Support at $67.21, May 31 low, has recently been pierced, a clear break would open $64.41, the May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. A break of $75.70 would signal a reversal.
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Metals Technical AnalysisMetals bulletEM BulletFixed Income BulletsHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsEmerging Market NewsForeign Exchange Bullets

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