Gold's uptrend to end this week?

Gold

Stability in the banking sector as Silicon Valley Bank's loans and deposits were sold and Deutsche Bank shares rose were negative for Gold last week. However, technical traders were still keen to buy Gold as the 10-day moving average provided support, so prices ended with only a small loss on the week.

This week the focus will be on Friday's employment figures, and bullish traders will be hoping for a surprisingly low number to push prices above $2,000. Traders will remain vigilant for further problems in the banking sector in hopes of keeping the recent rise going.

Resistance at $2,000 remains strong, and the 10-day moving average points sideways to lower. While a quick fall is possible this week, sideways to slightly lower in a quiet week seems the most likely scenario. A break of $1950 support could price a quick fall on long position liquidation.

Resistance: 2000, 2010, 2070

Support: 1950, 1935, 1918, 1900, 1890, 1870, 1830

WTI

A very positive start to the week as WTI benefited from increased confidence in the banking sector. Once prices moved above $70 were more aggressive, pushing prices back above the important $75 level to end the week. WTI looks to the US equity markets for direction, and the strong rebound in stocks at the end of the week ensured WTI traders remained positive.

Traders will closely watch purchasing manager data releases from China and the US to gauge the economy's strength. In the short term, the outlook is positive, with the US stock market likely to help WTI higher this week. However, the outlook is less favorable in the long term, so expect resistance above $80 to attract buyers back to the market.

Resistance: 80.50, 82.50

Support: 72.50, 70.00, 65.00, 62.00, 57.00, 50.00