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OUTLOOK: Price Signal Summary - Bear Threat In Oil Futures Remains Present

OUTLOOK
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  • On the commodity front, a bullish structure in Gold remains intact and the metal traded, once again, to a fresh all-time high, Monday. Last week’s gains confirmed a resumption of the primary uptrend. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. The focus is on $2600.0 next. Firm support lies at $2520.6, the 20-day EMA.
  • In the oil space, the move higher since Sep 9 in WTI futures, appears - for now - to be a correction. Recent weakness reinforced a bearish condition and note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A resumption of the downtrend would open $63.93 next, 1.618 projection of the Apr 12 - Jun 4 - Jul 5 price swing. The 20-day EMA, at $70.99, has been pierced. A clear break of it would open $73.51, the 50-day EMA.
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  • On the commodity front, a bullish structure in Gold remains intact and the metal traded, once again, to a fresh all-time high, Monday. Last week’s gains confirmed a resumption of the primary uptrend. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. The focus is on $2600.0 next. Firm support lies at $2520.6, the 20-day EMA.
  • In the oil space, the move higher since Sep 9 in WTI futures, appears - for now - to be a correction. Recent weakness reinforced a bearish condition and note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A resumption of the downtrend would open $63.93 next, 1.618 projection of the Apr 12 - Jun 4 - Jul 5 price swing. The 20-day EMA, at $70.99, has been pierced. A clear break of it would open $73.51, the 50-day EMA.