OUTLOOK: Price Signal Summary - Gold Bulls Remain In The Driver's Seat
Mar-17 11:48
On the commodity front, a clear uptrend in Gold remains intact and last week’s move higher reinforces current conditions. The yellow metal traded to a fresh all-time high and price has also pierced the psychological $3000 handle. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend and positive market sentiment. Sights are on $3006.9 next, a 2.236 projection of the Nov 14 - Dec 12 - 19 price swing. Key S/T trend support has been defined at $2832.7, Feb 28 low. First support lies at $2913.9, the 20-day EMA.
In the oil space, a bearish condition in WTI futures remains intact and the latest recovery appears corrective - for now. Recent weakness resulted in a breach of $70.20, the Feb 6 low. This confirmed a resumption of the downtrend that started Jan 15 and has paved the way for an extension towards $63.61 next, the Oct 10 ‘24 low. MA studies are in a bear-mode position, highlighting a dominant downtrend. Key pivot resistance is $69.86, the 50-day EMA.