© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI BRIEF: Sharp Balance Sheet Cut Not Justified - BOI Panetta

MNI BRIEF: EuCo President Michel Moots EU 'Defence Bonds'

MNI China Daily Summary: Thursday, November 30

EZ/UK Bond Supply Calendar: BOE Long APF Operation on Monday

Broad-Based Disinflationary Progress

Unrounded November flash HICP

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

Price Signal Summary - Uptrend In Oil Remains Intact

OUTLOOK
Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletEmerging Markets NewsEnergy Technical Analysis
  • On the commodity front, Gold has recovered from last week’s $1901.1 low on Sep 14. A break of this level would strengthen a bearish theme and highlight the fact that the recovery between Aug 21 - Sep 1 has been a correction. This would expose $1884.9, Aug 21 low. On the upside, initial firm resistance is seen at $1927.9, the 50-day EMA. The average has been pierced, a cleared break would be a bullish development and open key resistance at $1953.0, the Sep 1 high.
  • In the oil space, the uptrend in WTI futures remains intact and the contract is trading higher today. Last week’s gains confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Note too that moving average studies are in a bull-mode position, highlighting a rising trend. The $90.00 handle has been cleared, this opens $92.17 next, the Nov 8 2022 high (cont). Initial firm support to watch is $85.46, the 20-day EMA.
164 words

To read the full story

Close

Why MNI

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.
  • On the commodity front, Gold has recovered from last week’s $1901.1 low on Sep 14. A break of this level would strengthen a bearish theme and highlight the fact that the recovery between Aug 21 - Sep 1 has been a correction. This would expose $1884.9, Aug 21 low. On the upside, initial firm resistance is seen at $1927.9, the 50-day EMA. The average has been pierced, a cleared break would be a bullish development and open key resistance at $1953.0, the Sep 1 high.
  • In the oil space, the uptrend in WTI futures remains intact and the contract is trading higher today. Last week’s gains confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Note too that moving average studies are in a bull-mode position, highlighting a rising trend. The $90.00 handle has been cleared, this opens $92.17 next, the Nov 8 2022 high (cont). Initial firm support to watch is $85.46, the 20-day EMA.