OUTLOOK: Price Signal Summary - Bull Cycle In Gold Remains In Play
Dec-10 12:03
On the commodity front, Gold is in consolidation mode. The trend condition is unchanged, the set-up remains bullish. The bear phase between Oct 20 and 28 appears to have been a correction and note that the recovery since Oct 28 signals the end of that corrective cycle. Key support to watch is the 50-day EMA, at $4044.0. Clearance of this EMA would signal scope for a deeper retracement. Sights are on key resistance and the bull trigger at $4381.5, the Oct 20 high.
Short-term gains in WTI futures appear corrective - for now - and a bear threat remains present. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. A stronger resumption of the bear leg would open key support and the bear trigger at $55.99, the Oct 20 low. Clearance of this level would resume the downtrend. Key short-term resistance to watch is $61.84, the Oct 24 high.
MNI: BRAZIL NOV FINAL IPCA +0.18% M/M
Dec-10 12:00
MNI: BRAZIL NOV FINAL IPCA +0.18% M/M
MNI: US MBA: MARKET COMPOSITE +4.8% SA THRU DEC 05 WK
Dec-10 12:00
MNI: US MBA: MARKET COMPOSITE +4.8% SA THRU DEC 05 WK