GOLD: Equity Sentiment Weighs; Bearish Threat Present
May-16 11:14
Solid equity sentiment has weighed on spot gold, which is 2.1% lower on the session at $3,171. The 20-day EMA at $3,265.4 contained upside overnight, keeping a corrective bear cycle in play.
- Yesterday’s piercing of the 50-day EMA was an important technical development, even as spot recovered back above the level through the US session.
- The May 15 low at $3,121.0 provides initial support, clearance of which would expose $3,085.0, the 76.4% of the Apr 7 - Apr 22 upleg.
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OUTLOOK: Price Signal Summary - Gold Bulls remain In The Driver's Seat
Apr-16 11:03
- 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.
EURIBOR OPTIONS: Call spread buyer
Apr-16 11:00
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MNI: US MBA: MARKET COMPOSITE -8.5% SA THRU APR 11 WK
Apr-16 11:00
- MNI: US MBA: MARKET COMPOSITE -8.5% SA THRU APR 11 WK
