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OUTLOOK: Price Signal Summary - Corrective Pullback In Gold

OUTLOOK
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  • On the commodity front, the latest short-term retracement in Gold is considered corrective. The trend condition is unchanged and bulls remain in the driver’s seat. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. A resumption of gains would refocus attention on $2690.2, a 2.618 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support lies at $2615.7, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper retracement. The 50-day EMA lies at $2547.4.
  • In the oil space, WTI futures traded higher Monday as the pair extended the rally that started Oct 1. Tuesday’s reversal is for now, considered corrective. Recent gains suggest potential for a continuation higher near-term. Attention is on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. This level has been pierced, a clear break of it would strengthen a bullish condition. Initial firm support to watch is $71.41, the 20-day EMA.
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  • On the commodity front, the latest short-term retracement in Gold is considered corrective. The trend condition is unchanged and bulls remain in the driver’s seat. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. A resumption of gains would refocus attention on $2690.2, a 2.618 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support lies at $2615.7, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper retracement. The 50-day EMA lies at $2547.4.
  • In the oil space, WTI futures traded higher Monday as the pair extended the rally that started Oct 1. Tuesday’s reversal is for now, considered corrective. Recent gains suggest potential for a continuation higher near-term. Attention is on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. This level has been pierced, a clear break of it would strengthen a bullish condition. Initial firm support to watch is $71.41, the 20-day EMA.