Free Trial

Price Signal Summary - Downtrend In Gold Remains Intact

  • 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.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.