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Price Signal Summary - Gold Remains Above Trendline Support

OUTLOOK
  • On the commodity front, the bear cycle in Gold remains intact and short-term gains are - for now - considered corrective. The bear cycle in Gold remains intact and short-term gains are - for now - considered corrective. The yellow metal has this week pierced trendline support drawn from Nov 3 2022. A clear breach of this trendline, at $1944.7, 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 remain in a bear mode position. The strong sell-off this week has resulted in a break of support at $69.39, the May 15 low. The clear breach strengthens bearish conditions and paves the way for weakness towards $63.90, the May 4 low. On the upside, key resistance is at the 50-day EMA. The average intersects at $73.68, where a break would be seen as a bullish development. The most recent recovery is considered corrective.
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Metals Technical AnalysisMetals bulletEM BulletFixed Income BulletsHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsEmerging Market NewsForeign Exchange Bullets

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