Commodities & Energy

Gold to move to $1100 before rally

A triangle breakout will bring a downward move to $1100 for gold before a countertrend rally is seen, says Tarun Dang at Trendwise. A decline will also form a 5th wave of an Elliott Wave pattern thereby reinforcing the conviction of a possible downward break.

Oil and gold outlooks remain bearish

Brent crude remains in a long-term consolidation pattern with declining highs putting the balance of risks on the downside, says Maxime Viemont’s team at BNP Paribas. Meanwhile, gold looks set to test its 12 year trendline a break of which would pave the way for a significant downward correction. He also discusses stocks, bonds and FX.

Brent needs to hold 106.85

Brent oil is in a continued and complex consolidation phase, says Maxine Viemont’s team at BNP Paribas. Risks are mainly on the downside with medium term targets at 96.75-88.50. With a succession of lower highs, a break below 106.85 would signal a more significant downward move.