(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })(); (function(h,o,t,j,a,r){ h.hj=h.hj||function(){(h.hj.q=h.hj.q||[]).push(arguments)}; h._hjSettings={hjid:1422437,hjsv:6}; a=o.getElementsByTagName('head')[0]; r=o.createElement('script');r.defer=1; r.src=t+h._hjSettings.hjid+j+h._hjSettings.hjsv; a.appendChild(r); })(window,document,'https://static.hotjar.com/c/hotjar-','.js?sv=');

$2000 stops Gold`s rise for now as crude recovers


The turmoil in the banking sector helped Gold surge above $2,000 on Monday. However, once the stop-loss orders above $2,000 finished and the buyout of Credit Suisse was confirmed fell quickly, forming a key reversal pattern on Monday. Further selling pushes prices back to the 10-day moving average support.

10-year US interest rates returned to the lows of 2023 as lower expectations as the Federal Reserve looks to support the banking sector. Lower interest rates make Gold a more attractive investment, so along with technical buying at the 10-day moving average, Gold tested $2,000 again at the end of the week.

The continued failure at $2,000 is concerning, but the uptrend remains strong, and worries about Deutsche Bank mean Gold will likely remain a popular investment in the short term. Range trading in the short term looks like the best strategy, and looking for lower in the medium term.

Resistance: 2000, 2010, 2070

Support: 1965, 1935, 1918, 1900, 1890, 1870, 1830


WTI spent the week recovering the recent losses as a weaker USD spurred buying, pushing prices back above $70. Resistance at the previous lows around $72.50 proved too much, though, as fears of a recession increased following the US Federal Reserve meeting.

The 10-day moving average is still pointing lower, and the failure of WTI to close above $70 is bearish. The USD remains under pressure which will provide support, so expect sideways to lower price action in the week ahead.

WTI March 27

Resistance: 70.00, 71.50, 72.50, 75.00, 80.50, 82.50

Support: 65.00, 62.00, 57.00, 50.00