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Price Signal Summary - Gold Remains Above Support

OUTLOOK
  • On the commodity front, Gold traded in a volatile manner Monday. The trend condition is bullish and Monday’s initial gains reinforce this theme. The precious metal touched a fresh all-time high of $2135.4 and this signals potential for a climb towards $2177.6 next, a Fibonacci projection. Price has since retraced and is trading closer to this week’s low. A short-term pullback is considered corrective. Initial support is $2009.5, the 20-day EMA.
  • In the oil space, bearish conditions in WTI futures remain intact and Wednesday’s sell-off reinforces this condition. The contract has cleared support at $72.37, the Nov 16 low. The break lower confirms a resumption of the downtrend and note too that moving average studies are in a bear-mode position, highlighting a clear downtrend. Sights are on $67.28 next, the Jun 23 low. Firm resistance is seen at $75.16, the 20-day EMA. Initial resistance is at $72.37, the Nov 16 low.
Metals Technical AnalysisMetals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Metals Technical AnalysisMetals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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