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GERMANY FINAL JUNE MANUFACTURING PMI 43.5 (43.4 FLASH; 45.4 MAY)

FRANCE FINAL JUNE MANUFACTURING PMI 45.4 (45.3 FLASH; 46.4 MAY)

ITALY JUNE MANUFACTURING PMI 45.7 (44.3 F'CAST; 45.6 MAY)

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Price Signal Summary - Gold Remains Vulnerable

OUTLOOK
  • On the commodity front, Gold sold off sharply this week, reinforcing bearish conditions. The move lower has resulted in a break of support at $1901.10 and this has been followed by a move through $1884.9, the Aug 21 low. A resumption of the downtrend that started off the early May high has been confirmed. Attention turns to $1839.0, a 50.0% retracement of the Sep 28 ‘22 - May 4 bull leg. On the upside, initial firm resistance is at yesterday’s high of $1903.9.
  • In the oil space, the uptrend in WTI futures remains intact and this week’s recovery has confirmed a resumption of the trend - resistance at $92.43, Sep 19 high, has been cleared. This maintains the bullish price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode position, reflecting the market's positive sentiment. Sights are on $97.08 next, a 1.236 projection of the Jun 28 - Aug 10 - 24 price swing. Key support has been defined at $88.19, the Sep 2 low.
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Metals Technical AnalysisMetals bulletEM BulletFixed Income BulletsHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsEmerging Market NewsForeign Exchange Bullets

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