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

OUTLOOK
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  • On the commodity front, a bullish structure in Gold remains intact and the metal has traded, once again, 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. The focus is on $2613.3 next, 2.00 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support lies at $2530.2, the 20-day EMA.
  • In the oil space, WTI futures have traded higher this week. The recovery since Sep 9, 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 trend would open $63.89 next, a 1.618 projection of the Apr 12 - Jun 4 - Jul 5 price swing. The 20-day EMA, at $70.20, has been pierced. The next key resistance is $72.52, the 50-day EMA.
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  • On the commodity front, a bullish structure in Gold remains intact and the metal has traded, once again, 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. The focus is on $2613.3 next, 2.00 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support lies at $2530.2, the 20-day EMA.
  • In the oil space, WTI futures have traded higher this week. The recovery since Sep 9, 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 trend would open $63.89 next, a 1.618 projection of the Apr 12 - Jun 4 - Jul 5 price swing. The 20-day EMA, at $70.20, has been pierced. The next key resistance is $72.52, the 50-day EMA.