May 15, 2024 10:42 GMT
Price Signal Summary - Trend Needle In Gold Points North
OUTLOOK
- On the commodity front, the medium-term trend structure in Gold remains bullish and this is reinforced by moving average studies that are in a bull-mode position. Near-term, a push higher would refocus attention on $2431.50, the Apr 12 high and bull trigger. Clearance of this level would confirm a resumption of the uptrend. On the downside, the 50-day EMA, at $2269.1, represents a key support. A clear break of it would be bearish.
- In the oil space, a bearish theme in WTI futures remains intact and the contract continues to trade closer to its recent lows. Price has recently breached the 50-day EMA, strengthening a short-term bearish set-up that highlights potential for a deeper correction. Scope is seen for a move to $76.07, the Mar 11 low. Key resistance and the bull trigger is at $86.97, the Apr 12 high. Initial firm resistance is at $84.46, the Apr 26 high.
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