- On the commodity front, the trend condition in Gold is bearish for now and the yellow metal has entered a corrective cycle. This follows the strong sell-off on Thursday and Friday last week and sights are on the 50-day EMA, at $1853.7. This average represents a key support and if breached, would strengthen a bearish case and suggest scope for a deeper pullback. On the upside, key resistance and the bull trigger, has been defined at $1959.7, the Feb 2 high.
- In the Oil space, a sharp sell-off on Friday in WTI futures reinforced bearish conditions. The move lower Monday resulted in a print below $72.74, Jan 5 low and a key support. A clear break of it would strengthen the bearish theme and expose $70.56, Dec 9 low and a bear trigger. Moving average studies are in a bear-mode position highlighting current market sentiment. Gains are considered corrective. Initial firm resistance is at $78.56, the 50-day EMA.
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OUTLOOK: Price Signal Summary - Oil Futures Appear Vulnerable Despite A Short-Term Bounce
Last updated at:Feb-07 11:25By: Taso Anastasiou
markets-real-time+ 5
- On the commodity front, the trend condition in Gold is bearish for now and the yellow metal has entered a corrective cycle. This follows the strong sell-off on Thursday and Friday last week and sights are on the 50-day EMA, at $1853.7. This average represents a key support and if breached, would strengthen a bearish case and suggest scope for a deeper pullback. On the upside, key resistance and the bull trigger, has been defined at $1959.7, the Feb 2 high.
- In the Oil space, a sharp sell-off on Friday in WTI futures reinforced bearish conditions. The move lower Monday resulted in a print below $72.74, Jan 5 low and a key support. A clear break of it would strengthen the bearish theme and expose $70.56, Dec 9 low and a bear trigger. Moving average studies are in a bear-mode position highlighting current market sentiment. Gains are considered corrective. Initial firm resistance is at $78.56, the 50-day EMA.
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markets-real-time
Energy Bullets
Energy Technical Analysis
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