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Price Signal Summary - Gold Bull Cycle Extends

  • On the commodity front, trend signals in Gold remain bullish and Tuesday’s gains have reinforced this condition. The yellow metal traded through resistance at 1810.0 yesterday, the Dec 5 high, to confirm a resumption of the uptrend. This signals scope for a climb towards $1842.7, the 50.0% retracement of the Mar - Sep bear leg. On the downside, support to watch lies at $1765.9, the Dec 5 low.
  • In the Oil space, WTI trend signals are bearish. However, the latest recovery and yesterday’s move higher, suggests the contract remains in a short-term corrective cycle. Attention is on resistance at $77.52, the 20-day EMA - a key short-term hurdle for bulls - where a break would signal scope for a stronger recovery. On the downside, the bear trigger lies at $70.08, the Dec 9 low.

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