GOLD TECHS: Key Resistance Remains Exposed
- RES 4: $3600.0 - Round number resistance
- RES 3: $3578.0 - 2.000 proj of the Dec 19 - Feb 24 - Feb 28 swing
- RES 2: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
- RES 1: $3435.6/3500.1 - High May 7 / High Apr 22 and bull trigger
- PRICE: $3355.1 @ 07:13 BST May 8
- SUP 1: $3278.2/3202.0 - 20-day EMA / Low May 1
- SUP 2: $3167.8 - High Apr 3 and a recent breakout level
- SUP 3: $3164.3 - 61.8% retracement Apr 7 - Apr 22 upleg
- SUP 4: $3115.1 - 50-day EMA
Gold has recovered from its recent lows. The rally suggests the correction between Apr 22 - May 1, is over. A continuation higher would refocus attention on key resistance and the bull trigger at $3500.1, the Apr 22 high. Clearance of this level would confirm a resumption of the primary uptrend. Key short-term support has been defined at $3202.0, the May 1 low. A break of this level is required to signal scope for a deeper retracement.
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WTI TECHS: (K5) Bear Threat Remains Present
- RES 4: $74.66 - High Jan 22
- RES 3: $72.91 - High Feb 11
- RES 2: $68.72/72.28 - 50-day EMA / High Apr 2 and key resistance
- RES 1: $64.85 Low Mar 5 low and a recent breakout level.
- PRICE: $61.34 @ 07:00 BST Apr 8
- SUP 1: $58.95 - Low Apr 7
- SUP 2: $57.79 - 2.236 proj of the Jan 15 - Feb 4 - 11 price swing
- SUP 3: $56.81 - 2.382 proj of the Jan 15 - Feb 4 - 11 price swing
- SUP 4: $55.00 - Round number support
A bearish theme in WTI futures remains intact following the recent impulsive sell-off. The move down has resulted in the breach of a number of important support levels. The break reinforces a bearish threat and, despite being in oversold territory, signals scope for a continuation of the bear leg. Sights are on $57.79 next, a Fibonacci projection. Initial resistance is seen at $64.85, the Mar 5 low and a recent breakout level.
BRENT TECHS: (M5) Trading Closer To Its Recent Lows
- RES 4: $77.75 - High Jan 20
- RES 3: $76.26 - High Feb 20
- RES 2: $72.31/75.47 - 50-day EMA / High Apr 2 and a bull trigger
- RES 1: $67.95 - Low Mar 5 and a recent breakout level
- PRICE: $64.83 @ 06:56 BST Apr 8
- SUP 1: $62.51 - Low Apr 7
- SUP 2: $61.97 - 2.236 proj of the Jan 15 - Feb 4 - 20 price swing
- SUP 3: $60.00 - Psychological round number
- SUP 4: $58.26 - 3.000 proj of the Jan 15 - Feb 4 - 20 price swing
Brent futures continue to trade in a volatile manner and the contract remains closer to its recent lows. The move down cancels a recent bullish theme. Price has traded cleared both the 20- and 50-day EMAs. Furthermore, the contract has breached $67.87, the Oct 10 ‘24 low. This signals scope for a continuation towards $61.97, a Fibonacci projection. On the upside, initial firm resistance is seen at $67.95, the Mar 5 low.
GOLD TECHS: Monitoring Support At The 50-Day EMA
- RES 4: $3223.8 - 3.382 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 3: $3200.00 - Round number resistance
- RES 2: $3196.2 - 3.236 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 1: $3055.6/3167.8 - High Apr 7 / 3 and bull trigger
- PRICE: $3005.0 @ 06:59 BST Apr 8
- SUP 1: $2956.7 - Low Apr 7
- SUP 2: $2945.3 - 50-day EMA
- SUP 3: $2880.3 - Low Mar 10
- SUP 4: $2832.7 - Low Feb 28
The trend condition in Gold remains bullish and the latest pull back appears corrective. Moving average studies are in a bull-mode position highlighting a dominant uptrend and positive market sentiment. Price has traded through the 20-day EMA. The next key support to watch lies at 2945.3, the 50-day EMA. A resumption of gains would refocus attention on $3196.2, a Fibonacci projection. The bull trigger is 3167.8, the Apr 3 high.
