OUTLOOK: Price Signal Summary - Key Support In Gold Remains Intact
May-14 10:46
- On the commodity front, the latest pullback in Gold still appears corrective. Key short-term support to watch is $3202.0, the May 1 low. A clear break of this level would undermine the short-term bullish theme and signal scope for a deeper retracement. This would open $3164.3, 61.8% of the Apr 7 - Apr 22 upleg. Note that the 50-day EMA is at $3164.5 - a key support too. The M/T trend remains bullish, a reversal would refocus attention on $3500.1, the Apr 22 high and bull trigger.
- In the oil space, a downtrend in WTI futures remains intact and S/T gains are considered corrective. For now, the corrective cycle remains in play and price has traded through the 20-day EMA. Key resistance to watch is $63.55, the 50-day EMA. It has been pierced, a clear break of it would highlight a stronger reversal. This would open $66.41, the Apr 4 high. For bears a reversal lower would refocus attention on $54.67, the Apr 9 low and bear trigger.
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OUTLOOK: Price Signal Summary - Gold Bulls Remain In The Driver's Seat
Apr-14 10:33
- On the commodity front, the trend condition in Gold remains bullish and last week’s rally confirms and reinforces this condition. The yellow metal has traded through $3167.8, the Apr 3 high, to resume the primary uptrend and trade to fresh all-time highs. Moving average studies are unchanged, they remain in a bull-mode position highlighting a dominant uptrend. Initial firm support lies at 3063.4, the 20-day EMA. Sights are on 3291.8, a 1.00 projection of the Feb 28 - Apr 3 - Apr 7 price swing.
- In the oil space, a bearish theme in WTI futures remains intact and last Wednesday's rally 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.
LOOK AHEAD: Monday Data Calendar: NY Fed 1Y Inflation Expectations, Fed Speak
Apr-14 10:31
- US Data/Speaker Calendar (prior, estimate)
- 14-Apr 1100 NY Fed 1-Yr Inflation Expectations (3.13%, --)
- 14-Apr 1130 US Tsy $76B 13W, $68B 26W bill auctions
- 14-Apr 1300 Fed Gov Waller economic outlook (text, Q&A)
- 14-Apr 1800 Philly Fed Harker on role of Fed (tex, Q&A)
- 14-Apr 1940 Atlanta Fed Bostic fireside chat on policy
US INFLATION: MNI US Inflation Insight: No Tariff Surge Realization In March
Apr-14 10:15
- We have published and e-mailed to subscribers the MNI US Inflation Insight.
- Please find the full report including MNI analysis and a range of analyst core PCE estimates here: https://media.marketnews.com/US_Inflation_Insight_Apr2025_6247605af4.pdf
