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OUTLOOK: Price Signal Summary - Gold Bulls Remain In The Driver's Seat

OUTLOOK
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  • On the commodity front, a bullish structure in Gold remains intact and yesterday’s gains have reinforced this theme - the metal traded to a new all-time high. This ends the recent consolidation - a pause in the uptrend - and maintains the bullish price sequence of higher highs and higher lows. The focus is on $2584.0, 1.764 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support lies at $2501.2, the 20-day EMA.
  • In the oil space, WTI futures remain in a bearish condition. Tuesday’s strong sell-off reinforces current conditions and confirmed an extension of the bear cycle. This suggests that the most recent bounce is a short-term correction. A resumption of the downtrend would open $63.93 next, 1.618 projection of the Apr 12 - Jun 4 - Jul 5 price swing, ahead of the psychological $60.00 handle. Firm resistance is at $71.32, the 20-day EMA.
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  • On the commodity front, a bullish structure in Gold remains intact and yesterday’s gains have reinforced this theme - the metal traded to a new all-time high. This ends the recent consolidation - a pause in the uptrend - and maintains the bullish price sequence of higher highs and higher lows. The focus is on $2584.0, 1.764 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support lies at $2501.2, the 20-day EMA.
  • In the oil space, WTI futures remain in a bearish condition. Tuesday’s strong sell-off reinforces current conditions and confirmed an extension of the bear cycle. This suggests that the most recent bounce is a short-term correction. A resumption of the downtrend would open $63.93 next, 1.618 projection of the Apr 12 - Jun 4 - Jul 5 price swing, ahead of the psychological $60.00 handle. Firm resistance is at $71.32, the 20-day EMA.