Nick Goold
Gold
Gold continued its fall last week as the 10-year US interest yield rose to 4.20%, close to 15-year highs. Naturally, as US interest rates rose, the USD index also rose, hitting its highest level in a month, encouraging further speculative selling in Gold.
The US inflation data releases on Thursday and Friday caused high volatility but were close to expectations and did not change the market`s trend. Robust US GDP data reminded traders that the US economy remains stronger than expected, so official interest rates are unlikely to fall in the short to medium term.
There are few news releases of importance this week, so technical analysis will guide traders. The current downtrend has been going for nearly a month, which increases the likelihood that this downtrend could end, so focusing on buying opportunities in the short term looks best.
Resistance: 1938, 1925, 1984, 2000, 2032, 2050, 2080
Support: 1900, 1889, 1870, 1830
WTI
WTI had another positive week making a new high for 2023 on tighter global supplies on potential production cuts in Saudi Arabia and lower Russia supplies. Chinese data showed deflation, increasing hopes of aggressive Chinese economic stimulus, which would boost oil demand significantly.
Technically the failure to hold above resistance at $83.50 is potentially bearish for WTI this week. While WTI prices remain above the 10-day moving average following the uptrend remains best, but a break below the 10-day moving average could present a short-term selling opportunity this week.
Resistance: 83.50, 90.00
Support: 78.50, 75.00, 70.00, 67.00, 65.00, 64.00
