Gold and WTI – Technical Review

Gold challenges again the 1205 area

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Gold moved slightly higher and challenged once again the 1205 (R1) resistance area and the upper boundary of the black upside channel. As long as the metal is trading within the black upside channel, the near-term bias remains positive in my view. Our daily momentum studies support the notion. The 14-day RSI continued higher and moved above its 50 line, while the daily MACD remains above its trigger, pointing up. However, in the bigger picture, I still see a longer-term downtrend. Hence I would treat the recovery from 1132 as a corrective move for now. In the absence of any major bullish trend reversal signal, I would prefer to adopt a “wait and see” stance as far as the overall outlook of the precious metal is concerned.

• Support: 1180 (S1), 1160 (S2), 1146 (S3)
• Resistance: 1205 (R1), 1222 (R2), 1235 (R3)

WTI continues higher

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WTI continued it’s up wave on Friday, but it found resistance at 77.80 (R1). I would expect a move above that line to pull the trigger for the psychological number of 80, which now happens to coincide with the 200-period moving average. Our near-term momentum indicators corroborate Friday’s bullish momentum. The RSI edged higher after finding support slightly above its 50 line, while the MACD, already above its trigger, obtained a positive sign. However, on the daily chart, the overall price structure still suggests a downtrend, thus I would consider the current rebound as a corrective phase at the time being.

• Support: 75.60 (S1), 73.20 (S2), 71.00 (S3)
• Resistance: 77.80 (R1), 80.00 (R2), 83.00 (R3)

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