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Price Signal Summary - Gold Test Resistance At The $2000.0 Handle

OUTLOOK
  • On the commodity front, a strong rally in {O4} Gold Friday saw the yellow metal trade to a fresh YTD high of $1989.4. This confirms a resumption of the uptrend that has been in place since late September 2022. Today’s rally has resulted in a test of the psychological $2000.0 handle and this further strengthens the current uptrend. It opens $2034.0 next, 2.00 projection of the Sep 28 - Oct 4 rally from Feb 28. On the downside, Friday’s low of $1918.3 marks firm support.
  • In the Oil space, WTI futures remain vulnerable and the contract has traded lower this morning. Last Wednesday’s sell-off resulted in the break of key support at $70.86, the Dec 9 low. The breach confirms a resumption of the medium-term downtrend and reinforces current bearish conditions. Note too that price has also cleared the psychological $70.00 handle. Attention is on $62.43, the Dec 2 2021 low (cont) and a key support. Initial resistance is at $69.64, Friday’s high.
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