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Price Signal Summary - Gold Uptrend Extends And Oil Remains Vulnerable

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish and the yellow metal traded higher Wednesday, clearing resistance at 1949.20, the Jan 26 high. This confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on $1963.0, the 76.4% retracement of the Mar - Sep 2022 bear leg. Initial firm support to watch lies at $1906.8, the 20-day EMA and $1900.9, the Jan 31 low. A break of this zone would signal a short-term reversal.
  • In the Oil space, a sharp sell-off on Wednesday in WTI futures has reinforced current bearish conditions. The contract has breached support at $78.45 this week, 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. On the upside, 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. Initial resistance is at $80.49, the Jan 30 high.
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Metals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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