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Price Signal Summary - Gold Rally Extends, Exposing Key Short-Term Resistance

OUTLOOK
  • On the commodity front, Gold found support Tuesday and rallied sharply higher. This confirms an extension of the rally from $1616.7, the Nov 3 low. The yellow metal is trading above both the 20- and 50-day EMAs and attention turns to resistance at $1729.5, the Oct 4 high and a bull trigger. A break would strengthen bullish conditions. On the downside, support is at $1662.8, the 20-day EMA.
In the Oil space, the latest pullback in WTI futures is considered corrective - for now. The outlook is bullish and the contract has recently pierced resistance at $92.34, Oct 12 high. A clear break of this hurdle would strengthen a bullish theme and open $95.55, the Aug 30 high. Moving average studies are beginning to display a bull mode set-up, reinforcing the current positive outlook. Initial support to watch, lies at $87.60, the Nov 3 low.
Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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