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Price Signal Summary - Gold Trend Needle Points North

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish and the latest pullback is considered corrective. Recent cycle highs confirm an extension of the uptrend and maintain the price sequence of higher highs and higher lows. 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. Initial firm support to watch lies at $1902.2, the 20-day EMA. A break would signal scope for a deeper pullback.
  • In the Oil space, WTI futures traded lower Monday and in the process breached support at $78.45, the Jan 19 low. The move lower undermines the recent bull theme and a continuation would signal potential for an extension towards $72.74, the Jan 5 low. The bull trigger has been defined at $82.66, the Jan 18 high. A break of this level is required to reinstate the recent bullish theme. Yesterday’s recovery from the day low is considered corrective.
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Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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