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Price Signal Summary - Sell-Off In Gold Reinforces A Bearish Theme

OUTLOOK
  • On the commodity front, trend conditions in Gold remain bearish and yesterday’s strong sell-off reinforces this theme. The move lower signals the end of the recent corrective bounce and attention is on support and the bear trigger, at $1804.9. A break of this level would confirm a resumption of the downtrend and open $1787.3, the 50.0% retracement of the Sep 28 - Feb 2 bull leg. The yellow metal needs to breach $1858.3, Mar 6 high, to signal scope for a stronger reversal.
  • In the Oil space, a sharp sell-off in WTI futures Tuesday has defined a key near-term resistance at $80.94, the Feb 7 high. A break of this hurdle is required to reinstate the recent bullish theme that would open $82.89, the Jan 23 high and a key resistance. On the downside, support to watch lies at $75.83, the Mar 3 low. A continuation lower and a breach of this support would strengthen a bearish case and open $73.80, the Feb 22 low.
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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