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OUTLOOK: Price Signal Summary - Gold Is Approaching A Key Resistance

OUTLOOK
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  • On the commodity front, recent gains in Gold appear corrective - for now. However, the yellow metal continues to hold on to its latest gains and scope is seen for a continuation higher near-term. Price is approaching $2726.2, the Dec 12 high and an important resistance. Clearance of this level would be a bullish development. On the downside, a reversal lower would expose $2583.6, the Dec 19 low. Initial support is at $2646.3, the 50-day EMA.
  • In the oil space, the trend structure in WTI futures remains bullish and Wednesday's rally reinforces current conditions. The recent strong impulsive climb has resulted in a breach of $76.41, the Oct 8 high. Note too that $80.14, the Apr 12 ‘24 high has been pierced, strengthening the bullish theme. Sights are on $81.69, a 3.236 projection of the Nov 18 - 22 - Dec 6 price swing. On the downside, a reversal lower would expose the 20-day EMA, at $73.81, a key short-term support. First support lies at $77.24, the Jan 15 low.
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  • On the commodity front, recent gains in Gold appear corrective - for now. However, the yellow metal continues to hold on to its latest gains and scope is seen for a continuation higher near-term. Price is approaching $2726.2, the Dec 12 high and an important resistance. Clearance of this level would be a bullish development. On the downside, a reversal lower would expose $2583.6, the Dec 19 low. Initial support is at $2646.3, the 50-day EMA.
  • In the oil space, the trend structure in WTI futures remains bullish and Wednesday's rally reinforces current conditions. The recent strong impulsive climb has resulted in a breach of $76.41, the Oct 8 high. Note too that $80.14, the Apr 12 ‘24 high has been pierced, strengthening the bullish theme. Sights are on $81.69, a 3.236 projection of the Nov 18 - 22 - Dec 6 price swing. On the downside, a reversal lower would expose the 20-day EMA, at $73.81, a key short-term support. First support lies at $77.24, the Jan 15 low.