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Price Signal Summary - Gold Trades Lower And Resumes Its Downtrend

OUTLOOK
  • On the commodity front, the bear cycle in Gold remains intact and today’s weakness reinforces current conditions. The move lower confirms a resumption of the downtrend and extends the bearish price sequence of lower lows and lower highs. The focus is on $1903.5, 61.8% of the Feb 28 - May 4 bull cycle. A break would open $1885.8, the Mar 15 low. Key resistance is $1985.3, the May 24 high. Initial resistance is at $1946.4, the 20-day EMA.
  • In the oil space, WTI futures remain in a bear mode condition and the sharp sell-off late last week reinforces this condition. Support at $67.21, the May 31 low, has again been pierced today, a clear break would open $64.41, the May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. The contract is trading below resistance at $75.70, the Jun 5 high. A break of this level would signal a reversal. Initial resistance is at $72.72, the Jun 21 high.
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Metals Technical AnalysisMetals bulletEM BulletFixed Income BulletsHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsEmerging Market NewsForeign Exchange Bullets

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