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OUTLOOK: Price Signal Summary - Gold Trend Needle Points North

OUTLOOK
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  • On the commodity front, a bull cycle in Gold remains in play. This week’s extension higher has resulted in a print above $2790.1, to record a fresh all-time high. The climb confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. $2800.0 has been pierced, the focus is on a climb towards $2817.6, the 1.236 projection of the Nov 14 - Dec 12 - 19 price swing. The first key support to watch is $2683.0, the 50-day EMA. The 20-day EMA is at $2720.7.
  • In the oil space, this week’s move down in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention is on support around the 50-day EMA, at $72.25. A clear break of the 50-day average would suggest scope for a deeper retracement. On the upside, a reversal higher would refocus attention on $79.48, the Apr 12 ‘24 high and a key resistance.
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  • On the commodity front, a bull cycle in Gold remains in play. This week’s extension higher has resulted in a print above $2790.1, to record a fresh all-time high. The climb confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. $2800.0 has been pierced, the focus is on a climb towards $2817.6, the 1.236 projection of the Nov 14 - Dec 12 - 19 price swing. The first key support to watch is $2683.0, the 50-day EMA. The 20-day EMA is at $2720.7.
  • In the oil space, this week’s move down in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention is on support around the 50-day EMA, at $72.25. A clear break of the 50-day average would suggest scope for a deeper retracement. On the upside, a reversal higher would refocus attention on $79.48, the Apr 12 ‘24 high and a key resistance.