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Price Signal Summary - Gold Bulls Remain In The Driver's Seat

OUTLOOK
  • On the commodity front, Gold remains firm on the back of its latest rally. The yellow metal yesterday traded above resistance at $2135.4, the Dec 4 high to deliver a fresh all-time cycle high. The break reinforces bullish conditions and signals scope for a climb towards $2177.6 next, 1.236 projection of the Oct 6 - 27 - Nov 13 price swing. Short-term conditions are overbought, however, this does not appear to be a concern for bulls - for now. Initial support lies at $2088.5, the Dec 28 high.
  • In the oil space, the trend condition in WTI futures remains bullish and last week’s break of key resistance at $79.09, the Jan 29 high, reinforces this theme. The clear breach of this hurdle highlights potential for a continuation towards $81.70, 76.4% of the Sep 19 - Dec 13 bear cycle. Support to watch is $76.24, the 50-day EMA. A break would instead signal a possible top. The latest pullback is considered corrective.
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  • On the commodity front, Gold remains firm on the back of its latest rally. The yellow metal yesterday traded above resistance at $2135.4, the Dec 4 high to deliver a fresh all-time cycle high. The break reinforces bullish conditions and signals scope for a climb towards $2177.6 next, 1.236 projection of the Oct 6 - 27 - Nov 13 price swing. Short-term conditions are overbought, however, this does not appear to be a concern for bulls - for now. Initial support lies at $2088.5, the Dec 28 high.
  • In the oil space, the trend condition in WTI futures remains bullish and last week’s break of key resistance at $79.09, the Jan 29 high, reinforces this theme. The clear breach of this hurdle highlights potential for a continuation towards $81.70, 76.4% of the Sep 19 - Dec 13 bear cycle. Support to watch is $76.24, the 50-day EMA. A break would instead signal a possible top. The latest pullback is considered corrective.