Nick Goold
Gold
Gold faced downward momentum at the week's commencement, revisiting the lows this year. The continued rise of US 10-year long-term interest rates primarily influenced this decline.
The aftermath of the US payrolls report saw an initial dip in gold prices. However, prices quickly rebounded as Gold found firm support at this year's lowest levels. This recovery was partly attributed to traders' attention to the less assertive wage data in the jobs report.
Given the mounting tensions in Israel, volatility should be high for the upcoming week. These geopolitical uncertainties could enhance Gold's appeal to speculators. However, the prevailing high interest rates in the US may be a barrier to any significant gold rally. Thus, traders might succeed most by capitalizing on range trading opportunities throughout the week.
Resistance: 1884, 1893, 1900, 1925, 1946
Support: 1836, 1809, 1800
WTI
Crude oil prices turned downward last week, marking their most significant weekly decline since March, breaking the previously strong uptrend. The fall can be associated with diminishing worries over supply and a surge in US Treasury yields, potentially weakening demand. As prices broke the 10-day moving average, technical traders initiated profit-taking measures, with few buyers stepping in to counterbalance the downturn.
The Organization of the Petroleum Exporting Countries (OPEC) and its Joint Ministerial Monitoring Committee (JMMC) have reiterated their dedication to upholding crude production cuts. They have resolved to maintain these reductions until 2024, showcasing their commitment to market stability.
While the recent decline in prices might inspire a bearish sentiment, it's essential to remember that the market was forecasting $100 just a week prior. Given the significant deviation from the 10-day moving average and solid support levels at $80 and $82.50, it looks better to focus on buying opportunities this week.
Resistance: 89.00, 94.00, 100.00
Support: 85.00, 82.50, 80.00, 78.50, 75.00, 70.00
