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Price Signal Summary - Gains In Gold Likely A Correction

OUTLOOK
  • On the commodity front, trend conditions in Gold remain bearish, however, the metal traded higher last week and breached resistance at $1846.4, the 50-day EMA. A clear break of this hurdle would strengthen short-term bullish conditions - a correction - and signal scope for an extension higher. This would open $1870.5, the Feb 14 high. Key short-term support has been defined at $1804.9, the Feb 28 low. A break would resume recent bearish activity.
  • In the Oil space, WTI futures remain bullish following last week’s appreciation. Price is through resistance at the 50-day EMA which intersects at $78.09 today. The breach reinforces short-term bullish conditions and paves the way for a climb towards $82.89, the Jan 23 high and a key resistance. On the downside, a breach of support at $73.80 is required to reinstate the recent bearish theme. First support is at $75.83, the Mar 3 low.
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Metals Technical AnalysisMetals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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