Commodities Weekly (26 Feb ’17)
Gold prices are regaining higher levels, following a short-term consolidation phase. The USD1255, (61.8%) Fibonacci retracement has now been reached, and further gains are looked for as momentum studies and the Tension Indicator continue to strengthen.
Focus is now turning to the USD1278.40 Fibonacci retracement and the USD1286.60 Fibonacci retracement, with potential for extension to congestion around USD1300 as the December 2016 rally gains fresh traction.
Support is raised to the USD1225.73 low of 21 February, but an unexpected close below the USD1216.41 is needed to delay higher levels. If seen, however, congestion around USD1200 will attract, as investors subsequently reduce exposure and adopt a neutral stance.
To access the full report, covering Gold, Crude Oil futures, High Grade Copper futures and Corn futures, please click here