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Price Signal Summary - Gold Pierces Resistance At The 50-Day EMA

OUTLOOK
  • On the commodity front, trend conditions in Gold remain bearish, however, the metal is trading higher today and has pierced resistance at $1846.0, the 50-day EMA. A clear break of this hurdle would strengthen short-term bullish conditions and signal scope for an extension - this would open $1870.5, the Feb 14 high. On the downside, key short-term support has been defined at $1804.9, the Feb 28 low. A break would resume recent bearish activity.
  • In the Oil space, WTI futures remain above the Feb 22 low of $73.80. The contract has continued to appreciate this week and yesterday breached resistance at the 50-day EMA - the average intersects at $77.92. A continuation higher would signal scope for a test of resistance at $80.78, the Feb 13 high. On the downside, a breach of support at $73.80 is required to reinstate the recent bearish theme.
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