Gold and WTI Crude Oil Technical’s (Weekly)

Gold and WTI Crude Oil Technical’s (Weekly)

Gold and WTI Crude Oil Technical’s (Weekly)

$GLD, $USO

GOLD: Spot Gold rose for a 3rd week running, having marked a YTD high at 1,315.54 oz, and finished the week at 1,298.00, its highest close since January.

From a technical POV Spot Gold Bullish, but will likely be volatile ahead of the Brexit referendum, reacting to sentiment’s shifts as polls and news hit the wires.

The daily shows that the technical indicators have resumed their advance after a modest Southside correction from overbought marks, with the Momentum indicator at new highs, as the price advanced above its MA’s supporting further gains.

In the 4 hours, the price stands above a Bullish 20-Day SMA, as the technical indicators head North within positive territory, in line with the longer term outlook.

Support marks: 1,293.20 1,284.90 1,276.50
Resistance marks:1,303.65 1,315.54 1,325.90

WTI Crude Oil: Crude oil prices posted comeback last Friday, with WTI Crude futures ending the week at 48.80 bbl.

The Baker Hughes (NYSE:BHI) report released last Friday, showed that the US Oil rig count rose for a 3rd week running, + 9 to 337, but Black Gold rose on USD weakness.

WTI Crude closed in the Red on the week, as investors are reluctant to push price beyond the psych mark at 50.00 in the ongoing risk averse environment.

The almost 4.0% advance seen last Friday, was not enough to confirm a continued run North for the upcoming days, given that in the daily, the price remains below its 20-Day SMA, currently providing an immediate resistance at 49.20, the technical indicators turned higher, but remain below their mid-lines.

In the 4 hours, WTI Crude presents a modest Bullish stance, as the price is now above its 20-Day SMA, and the RSI heads slightly higher around 57, but the Momentum indicator is flat around its 100 line, limiting chances of an advance.

Support marks: 48.10 47.40 46.50
Resistance marks:49.20 50.00 50.65

Have a terrific week…

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