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Price Signal Summary -Gold Trades Through The 20-Day EMA

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish, however, the yellow metal has entered a short-term corrective cycle and is trading lower again today. Price has breached initial firm support at $1984.5, the 20-day EMA signalling scope for a deeper retracement. This has opened $1949.7, Apr 3 low. Key short-term resistance has been defined at $2048.7, the Apr 5 high. A break of this level would confirm a resumption of the uptrend.
  • In the oil space, WTI futures are trading lower today and this has resulted in a breach of support at $79.00, the Apr 3 low and the gap high on the daily chart. A continuation lower would signal scope for a deeper retracement towards the 50-day EMA, at $77.35. On the upside, key short-term resistance has been defined at $83.53, the Apr 12 high. A break of this level would highlight a resumption of the uptrend.
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Metals Technical AnalysisMetals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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