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Price Signal Summary -Gold Remains Vulnerable

OUTLOOK
  • On the commodity front, a sharp sell-off in Gold Friday reinforces a short-term bearish theme. The yellow metal has cleared support around the 50-day EMA, at 2313.5. The break confirms a resumption of the reversal that started May 20 and signals scope for a deeper correction near-term. This has opened $2277.4, the May 3 low. Clearance of this price point would strengthen a bearish theme. Initial resistance to watch is $2387.8, last Friday’s high.
  • In the oil space, WTI futures traded higher Monday. For now, short-term gains are considered corrective and the trend direction remains bearish. Resistance to watch is $78.38, the 50-day EMA. Clearance of this EMA would expose the key short-term resistance at $80.62, the May 1 high, where a break is required to cancel a bear theme. On the downside, a resumption of weakness would open $71.33, the Feb 5 low.
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