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Price Signal Summary - Pullback In Gold Considered Corrective

OUTLOOK
  • On the commodity front, a strong rally in Gold last week saw the yellow metal trade to a fresh YTD high. This confirmed a resumption of the uptrend that started in late September 2022. Monday’s gains resulted in a print above the psychological $2000 handle and this further strengthens bullish conditions and opens $2034.0 next, the 2.00 projection of the Sep 28 - Oct 4 rally from Feb 28. The latest pullback is considered corrective, last Friday’s low of $1918.3 marks firm support.
  • In the Oil space, WTI futures remain vulnerable and the contract traded to a fresh low Monday before finding some support. Gains are considered corrective. Last week’s sell-off resulted in the break of key support at $71.10, the Dec 9 low. The breach confirms a resumption of the medium-term downtrend. Note too that price has also cleared the psychological $70.00 handle. Attention is on $62.43, the Dec 2 2021 low (cont). Initial resistance is at $69.83, Friday’s high.
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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