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Price Signal Summary - Gold Trend Needle Points North

OUTLOOK
  • On the commodity front, trend conditions in Gold remain bullish and the recent move lower is considered corrective. Key short-term support to watch is $1765.9, the Dec 5 low. The yellow metal breached $1810.0 last week, Dec 5 high, to resume the uptrend. This maintains the positive price sequence of higher highs and higher lows and opens $1842.7, the 50.0% retracement of the Mar - Sep bear leg.
  • In the Oil space, recent gains in WTI futures, have highlighted a bullish corrective cycle and this has resulted in a test of the 20-day EMA, at $76.80 today. A clear break of this hurdle would signal scope for an extension and open $79.79, the 50-day EMA. On the downside, a stronger reversal lower would refocus attention on the bear trigger which lies at $70.31, the Dec 9 low.
Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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