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COMMODITY TECHS: Price Signal Summary - Oil Futures Remain Vulnerable

COMMODITY TECHS
  • On the commodity front, Gold remains bullish and the yellow metal traded higher Tuesday, delivering another all-time cycle high. The recent breach of resistance at $2483.7, the Jul 17 high, confirmed a resumption of the primary uptrend. The focus is on a climb towards $2536.4 next, a 1.50 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Initial support to watch lies at $2446.5, the 20-day EMA.
  • In the oil space, WTI futures have been unable to hold on to recent gains and the contract traded lower again Tuesday. The latest move down undermines a recent bullish theme and this has exposed key support at $71.67, the Aug 5 low and the bear trigger. A break would resume the downtrend that started Apr 12. Initial resistance to watch is $75.60, the 20-day EMA.
BulletEnergy Technical Analysis
BulletEnergy Technical Analysis

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