January 23, 2023 11:34 GMT
Price Signal Summary - Gold Trend Direction Remains Up
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- On the commodity front, the trend condition in Gold remains bullish and the yellow metal has traded to fresh cycle highs last week. This confirms an extension on the uptrend and maintains the price sequence of higher highs and higher lows. Note that moving average studies are in a bull mode position - reflecting the uptrend. The focus is on $1963.0 next, 76.4% retracement of the Mar - Sep 2022 bear leg. Support to watch lies at $1872.9, the 20-day EMA.
- In the Oil space, WTI futures traded higher last week but prices pulled back from $82.66, the Jan 18 high. Although the contract has recovered, the move lower from $82.66 warns of a potential bearish threat and attention is on support at $78.29, the 20-day EMA. A break of this average would highlight a stronger bear threat and expose support at $72.74, the Jan 5 low. On the upside, clearance of $82.66 would reinstate the recent bullish theme and instead expose $83.14, Dec 1 high.