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Gold: Price Outlook

 Gold: Price Outlook

Spot gold’s weekly price action is going deeper into correction territory, reaching $1,893 during the week despite Friday’s rebound that brought it back $1,900

“The mid-term outlook remains bearish as the 5-week EMA is dynamically positioned at $1,938, making a potentially bearish crossover to the Weekly Middle Bollinger Band of $1,948, which may be seen as indication that bears have enough fuel for further downside exploration

The short-term range for spot gold is pegged at $1,938-$1,948 on the upper side and $1,888-$1,860 on the lower end.

In the week ahead, sustainability below the 5-week EMA of $1,938 will keep the bearish momentum intact with potential for a retest of the $1,893 low and the 50-week EMA of $1,888

Resumption of the uptrend will require gold to clear through $1,948 first, and further resistance at $1,975, $1,958 and $1,968, he said.

“If bulls fail to clearly establish recovery above $1,948, bearish correction is very likely to extend deeper into the 200-day SMA of $1,860. Major support sits at the monthly Middle Bollinger Band of $1,835

Oil: WTI Technical Outlook

 Oil: WTI Technical Outlook

If WTI is to gain strong upward momentum in the week ahead, it needs to move towards the 100-day SMA, or Simple Moving Average, of $73.90 that coincides with the weekly Middle Bollinger Band of the same value,

“Sustainability above this zone will eventually extend the upward move towards the next leg higher, at the 200-day SMA, or Simple Moving Average, of $77.50 and the 50-week EMA, or Exponential Moving Average, of $78.80,

On the flip side, a renewed attack on the 200-week SMA of $67.50 could extend WTI’s downside to $63.70, accelerating its correction into the major support territory held up by the 100-month SMA of $59.65.

Natural gas: Price Outlook

 Natural gas: Price Outlook

Continuation of its bullish momentum can take gas towards the 200-week SMA of $3.75 in the coming week, with the next immediate target being the 50-week EMA of $3.82

“The upward run in gas will remain on track so long as the price action respects the 5-week EMA of $2.60, Breaking below that zone can push prices down towards the Weekly Middle Bollinger Band $2.37”

The short-term range for gas is seen at $3.00-$3.25 on the upper side and $2.60 - $2.37 on the lower end.