Gold, WTI – Commodity Review

Gold moves in a consolidative manner


WTI trading Account?

Gold moved in a consolidative mode on Monday, staying between the support of 1180 (S1) and the 1195 (R1) resistance, which is marginally above the 50% retracement level of the 21st October – 7th of November down wave. I will repeat that Friday’s move above1180 (S1) confirms a higher high on the 4-hour chart. This fact, alongside our momentum signals, makes me believe that we may experience further upside in the near future. On the daily chart, the 14-day RSI remains near its 50 line, while the daily MACD stands above its trigger and is pointing north. A clear move above 1195 (R1) is likely to target the next resistance at 1205 (R2), which lies slightly below the 61.8% retracement level of the aforementioned decline. However, regarding the broader trend, I still see a longer-term downtrend. Hence, on 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 yellow metal is concerned.

• Support: 1180 (S1), 1146 (S2), 1132 (S3)
• Resistance: 1195 (R1), 1205 (R2), 1222 (R3)

WTI stays below 76.00


WTI trading Account?

WTI moved quietly yesterday, staying slightly below the 76.00 (R1) resistance line. On the daily chart the price structure remains lower peaks and lower troughs below both the 50- and the 200-day moving averages, thus I still see a negative overall bias. Consequently, I would expect Friday’s rebound or any possible short-term extensions of it to provide renewed selling opportunities. A clear and decisive dip below the 73.35 (S1) obstacle would signal a forthcoming lower low and perhaps see scope for extensions towards our next support at 71.00 (S2), defined by the lows of July and August 2010.

• Support: 73.35 (S1), 71.00 (S2), 70.00 (S3)
• Resistance: 76.00 (R1), 78.00 (R2), 80.00 (R3)

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