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OUTLOOK: Price Signal Summary - Another All-Time Cycle High In Gold

OUTLOOK
  • On the commodity front, Gold remains bullish and the yellow metal is trading higher today, 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. Note that moving average studies remain in a bull-mode set-up and this continues to highlight a dominant uptrend. The focus is on a climb towards $2528.4 next, the 3.00 projection of the Oct 6 - 27 - Nov 13 2023 price swing. A break would open 2536.4, the 1.50 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Initial support to watch lies at $2439.4, the 20-day EMA.
  • In the oil space, WTI futures have been unable to hold on to recent gains and the contract remains soft. The 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. On the upside, initial resistance to watch is $76.94, the 20-day EMA.
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