Free Trial

Price Signal Summary - Key Support In Gold Remains Exposed


On the commodity front, Gold remains bearish and the yellow metal traded lower again yesterday, maintaining the bear cycle that started Jul 20. Sights are on key support at $1893.1, the Jun 29 low. A break of this level would strengthen bearish conditions and open $1885.8, the Mar 15 low. On the upside, initial firm resistance to watch is $1941.6, the 50-day EMA. A break of this level would highlight a possible short-term reversal.

In the oil space, the uptrend in WTI futures remains intact and the latest pullback appears to be a correction. Last week’s gains confirmed a resumption of the bull cycle. Price breached resistance at $83.59, the Nov 7 2022 high. The break strengthened a bullish condition and has paved the way for a climb towards $87.43, the 1.382 projection of the Jun 28 - Jul 13 - Jul 17 price swing. Moving average studies are in bull-mode condition highlighting an uptrend. Initial firm support lies at $78.69, Aug 3 low.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.