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CHINA PBOC CONDUCTS CNY251.67 BILLION VIA 7-DAY REVERSE REPOS WEDS

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Price Signal Summary - Gold Is Again testing Trendline Support

OUTLOOK
  • On the commodity front, the bear cycle in Gold remains intact. The yellow metal is once again testing trendline support drawn from Nov 3 2022. A clear breach of this trendline, at $1946.9, would reinforce bearish conditions and open $1903.5, 61.8% of the Feb 28 - May 4 bull cycle. Initial firm resistance is $1985.3, the May 24 high. Clearance of this level is required to signal a short-term reversal.
  • In the oil space, WTI futures traded higher overnight and pierced resistance at $74.73, the May 24 high. However, the contract has pulled. A clear break of $74.73 would strengthen a bullish condition and signal scope for an extension higher. This would open $76.74, the Apr 28 high. For bears, a stronger reversal would instead signal a top and this would once again expose key support at $63.90, the May 4 low. First support is at $84.18, the Jun 2 low.
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