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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, Gold bulls remain in the driver’s seat and the yellow metal has again traded to a fresh all-time high. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2675.5 next, a 2.50 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support lies at $2558.0, the 20-day EMA.
  • In the oil space, WTI futures are holding on to their recent gains. The recovery since Sep 9, appears - for now - to be a correction. The 20-day EMA has been breached and the next resistance to watch is $72.35, the 50-day EMA. It has been pierced, a clear break of it would undermine a bear theme. Note that MA studies are in a bear-mode set-up, highlighting a dominant downtrend. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger.
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  • On the commodity front, Gold bulls remain in the driver’s seat and the yellow metal has again traded to a fresh all-time high. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2675.5 next, a 2.50 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support lies at $2558.0, the 20-day EMA.
  • In the oil space, WTI futures are holding on to their recent gains. The recovery since Sep 9, appears - for now - to be a correction. The 20-day EMA has been breached and the next resistance to watch is $72.35, the 50-day EMA. It has been pierced, a clear break of it would undermine a bear theme. Note that MA studies are in a bear-mode set-up, highlighting a dominant downtrend. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger.