Gold: Spot Gold rose to its highest mark since March 2014, taping 1,358.39 oz before settling at 1,318.41 at pit trade close Friday. The safe-haven metal rose on Britain’s decision to leave the EU, posting its largest 1 day gainer in almost 3 years.
Expect the Northward tone to continue, as the market’s turmoil will take some time to cool down, the uncertainty generated by this Brexit will likely keep the US Fed onhold for the rest of the year and into Y 2017+.
The daily on Gold supports a continued advance, as the precious Yellow metal closed above previous highs after testing its 100-Day MA, and with the technical indicators presenting strong Northward slopes after bouncing from their mid-lines.
In the 4 hours, the technical indicatorsturned flat within overbought levels, beginning to neutralize early violent moves, but the price holds above its MAs that are turning North, all of which supports the Bullish outlook.
Support marks: 1,306.80 1,296.30 1.283.30
Resistance marks: 1,328.10 1,330.90 1,342.60
WTI Crude Oil fell down to 46.68 a barrel intra-day, and settled at 47.60.
On a positive note, the Baker Hughes (NYSE:BHI) weekly report showed that the number of active Oil rigs in the US declined by 7 to 330 for the week ending 24 June, after rising for 3 straight weeks.
Technically, WTI Crude Oil is set to extend its decline, as in the daily, the price has extended well below a still flat 20-Day MA, now around 49.20, and the technical indicators have accelerated their declines within negative territory, although the 100-Day MA maintains its Bullish slope around 43.60, a probable Bearish target should Black Gold extend its fall.
In the 4 hours, the price has broken below all of its MAs, the Momentum indicator has turned modestly higher from near oversold levels and the RSI indicator consolidates around 38, maintaining the risk towards the Southside.
Support marks: 47.30 46.65 45.90
Resistance marks:47.90 48.65 49.20
Have a terrific week
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