GOLD TECHS: Key Resistance Remains Exposed

• 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. 

• 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.

• 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.