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Nick Goold

Gold

Gold spent most of the week pushing higher after finding support at $1,935 and weaker US economic data on Thursday. However, resistance held at $1,984 as the technical indicators pointed sideways, and traders took profit ahead of US employment data.

An increase of 339,000 new jobs easily beat expectations strengthening the US dollar and seeing Gold selling flood the market. Selling continued until the close as the stock market surged, resulting in a poor finish to the week below the 10-day moving average.

Renewed optimism for the US economy and higher equity prices is bearish for Gold. However, Friday`s fallback below the 10-day moving average is negative for sentiment, and a test of $1934 support and potential break lower is possible this week.

Gold chart June 5

Resistance: 1984, 2000, 2032, 2050, 2080

Support: 1935, 1918, 1900, 1889

WTI

Worries about Chinese oil demand saw WTI under pressure at the start of the week resulting in a move back below support at $70. In addition, a larger-than-expected rise in US crude oil inventories also put pressure on prices as the market eyed another test of $65.

The strong US employment data changed the negative sentiment seeing WTI close the week back over $70 to end a volatile week slightly lower. The technical outlook continues to signal a sideways market within $65 to $75 with a hope that continued positive US economic data could push prices higher.

There will continue to be many short-term trading opportunities as intraday trends are strong. However, it is best for medium-term traders to remain patient for range trading opportunities and avoid trying to pick the next significant move.

WTI chart June 4

Resistance: 75.00, 79.00, 82.50

Support: 70.00, 67.00, 65.00, 64.00, 62.00

Great