May 22, 2024 10:32 GMT
Price Signal Summary - Gold Trend Conditions Remain Bullish
OUTLOOK
- On the commodity front, Gold is unchanged. The medium-term trend structure remains bullish. Monday’s initial gains resulted in a print above resistance at $2431.5, the Apr 12 high and a bull trigger. The break confirms a resumption of the primary uptrend and paves the way for a climb towards 2452.5 next, 2.618 projection of the Oct 6 - 27 - Nov 13 price swing. On the downside, the 50-day EMA, at $2293.9, represents a key support.
- In the oil space, a bearish theme in WTI futures remains intact and short-term gains are considered corrective. Price has recently traded below the 50-day EMA, strengthening a bearish set-up that highlights potential for a deeper correction. Scope is seen for a move to $75.64, the Mar 11 low. Initial firm resistance to watch is at $83.63, the Apr 26 high.
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