March 29, 2023 10:33 GMT
Price Signal Summary - Pennant Formation In Gold Reinforces Current Uptrend
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- On the commodity front, trend conditions in Gold remain bullish and the recent short-term pullback is considered corrective. Note too that price action since Mar 20 appears to be a pennant - a continuation pattern. This reinforces bullish conditions and signals scope for an extension higher near-term. The recent test above $2000.0 opens $2034.0 next, the 2.00 projection of the Sep 28 - Oct 4 rally from Feb 28. $1918.3 marks a firm support, the Mar 17 low - a break would signal scope for a deeper pullback.
- In the Oil space, WTI futures have traded higher this week. Price has breached resistance at the 20-day EMA which intersects at $72.60. The break is a short-term bullish development and a continuation higher would expose the 50-day EMA, at $75.04. This average represents the next key resistance point. On the downside, initial firm support lies at $66.82, the Mar 24 low. A break of this level would be bearish.