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Price Signal Summary - Gold Bear Cycle Remains In Play, Focus Is On Trendline Support

OUTLOOK
  • On the commodity front, Gold remains in a bearish cycle and is trading closer to its recent lows. The yellow metal last week cleared support at $1976.3, the 50-day EMA and $1969.3, the Apr 19 low. A clear break of this support zone highlights a stronger bearish threat and opens $1924.7, a trendline support drawn from the Nov 3 2022. Key resistance and the bull trigger is at $2063.0, the May 4 high. Initial resistance is at $1999.0, the May 12 high.
  • In the oil space, a short-term bearish threat in WTI futures remains present and initial resistance at $73.81, the May 10 high, is intact. A resumption of weakness and a break of $69.39, the May 15 low, would strengthen near-term bearish conditions. The recent print below $64.67, the Mar 20 low and a key support, is a key bearish development. A clear break of it would resume the broader 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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