CHILE: BCCh To Announce Countercyclical Capital Requirement

• On the commodity front, today’s extension in Gold reinforces current bullish conditions. The yellow metal has traded to another fresh all-time high and confirmed a resumption of the primary uptrend. Note too that moving average studies are unchanged, they remain in a bull-mode position highlighting a dominant uptrend. The next objective is $3347.67, the1.382 projection of the Dec 19 - Feb 24 - Feb 28 swing. Initial firm support lies at 3092.1, the 20-day EMA.
• 0In the oil space, a bearish theme in WTI futures remains intact and the rally on Apr 9 is - for now - considered corrective. The move higher is allowing an oversold trend condition to unwind. Recent weakness has resulted in the breach of a number of important support levels, reinforcing a bearish threat. A resumption of the bear cycle would open $54.26, a 2.236 projection of the Feb 11 - Mar 5 - Apr 2 price swing. Initial firm resistance is seen at $64.85, the Mar 5 low and a recent breakout level. 

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