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OUTLOOK: Price Signal Summary - Bull Cycle In Gold Remains In Play

OUTLOOK
BulletMarketsFixed Income BulletsForeign Exchange Bullets
  • On the commodity front, the long-term trend condition in Gold is unchanged, it remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Price has recovered from its recent lows and today’s move lower is considered corrective - for now. A resumption of gains would open $2730.4, the 76.4% retracement of the Oct 31 - Nov 14 bear leg. Initial support is at $2639.7, the 50-day EMA. A clear break of the average would highlight a bearish threat.
  • In the oil space, WTI futures traded higher last week. However, a bearish theme remains intact and attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high.
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  • On the commodity front, the long-term trend condition in Gold is unchanged, it remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Price has recovered from its recent lows and today’s move lower is considered corrective - for now. A resumption of gains would open $2730.4, the 76.4% retracement of the Oct 31 - Nov 14 bear leg. Initial support is at $2639.7, the 50-day EMA. A clear break of the average would highlight a bearish threat.
  • In the oil space, WTI futures traded higher last week. However, a bearish theme remains intact and attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high.