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Rally in Gold Tuesday Strengthens Bullish Trend Set-Up

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A bearish theme in WTI futures remains in play following last week’s sharp sell-off and recent gains are considered corrective. The break on Nov 7 of support at $80.20, the Oct 6 low, highlights a stronger reversal and a continuation lower would pave the way for a move towards $74.26, the 76.4% retracement of the May 4 - Sep 28 bull run. Initial firm resistance has been defined at $83.60, the Nov 3 high. The recent pullback in Gold appears to be a correction and the trend remains bullish. Moving average studies are in a bull-mode set-up, highlighting a rising trend. A stronger resumption of gains would open $2022.20, May 15 high. The bull trigger is at $2009.4, the Oct 27 high. Note that support at the 50-day EMA, at $1939.4, has been pierced. A clear break of this average would undermine the bullish theme and expose $1908.3, Oct 16 low.


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A bearish theme in WTI futures remains in play following last week’s sharp sell-off and recent gains are considered corrective. The break on Nov 7 of support at $80.20, the Oct 6 low, highlights a stronger reversal and a continuation lower would pave the way for a move towards $74.26, the 76.4% retracement of the May 4 - Sep 28 bull run. Initial firm resistance has been defined at $83.60, the Nov 3 high. The recent pullback in Gold appears to be a correction and the trend remains bullish. Moving average studies are in a bull-mode set-up, highlighting a rising trend. A stronger resumption of gains would open $2022.20, May 15 high. The bull trigger is at $2009.4, the Oct 27 high. Note that support at the 50-day EMA, at $1939.4, has been pierced. A clear break of this average would undermine the bullish theme and expose $1908.3, Oct 16 low.


Keep reading...Show less