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

OUTLOOK
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  • On the commodity front, the medium-term trend structure in Gold is unchanged and remains bullish. Today’s gains reinforce this condition - the yellow metal has traded through resistance at $2431.5, the Apr 12 high and bull trigger. The break confirms a resumption of the primary uptrend and opens 2452.5 next, 2.618 projection of the Oct 6 - 27 - Nov 13 price swing. Initial support lies at $2343.6, the 20-day EMA.
  • In the oil space, despite the latest move higher, a bearish theme in WTI futures remains intact and short-term gains are considered corrective. Price has recently traded below the 50-day EMA, strengthening a bearish set-up. Scope is seen for a move to $76.07, the Mar 11 low. Initial firm resistance to watch is at $84.46, the Apr 26 high.
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  • On the commodity front, the medium-term trend structure in Gold is unchanged and remains bullish. Today’s gains reinforce this condition - the yellow metal has traded through resistance at $2431.5, the Apr 12 high and bull trigger. The break confirms a resumption of the primary uptrend and opens 2452.5 next, 2.618 projection of the Oct 6 - 27 - Nov 13 price swing. Initial support lies at $2343.6, the 20-day EMA.
  • In the oil space, despite the latest move higher, a bearish theme in WTI futures remains intact and short-term gains are considered corrective. Price has recently traded below the 50-day EMA, strengthening a bearish set-up. Scope is seen for a move to $76.07, the Mar 11 low. Initial firm resistance to watch is at $84.46, the Apr 26 high.