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OUTLOOK: Price Signal Summary - Gold Continues To Appreciate

OUTLOOK
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  • On the commodity front, the long-term trend condition in Gold is unchanged, it remains bullish and the latest move down appears to have been a correction. Price has recovered from its recent lows and the metal is again trading higher, today. The 20-day EMA at $2653.0, has been breached. This highlights a stronger reversal and signals the end of the recent bearish corrective cycle, opening $2730.4, the 76.4% retracement of the Oct 31 - Nov 14 bear leg. Initial support is at $2636.6, the 50-day EMA.
  • In the oil space, WTI futures have traded higher this week. However, a bearish theme remains intact. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and a 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 is $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 latest move down appears to have been a correction. Price has recovered from its recent lows and the metal is again trading higher, today. The 20-day EMA at $2653.0, has been breached. This highlights a stronger reversal and signals the end of the recent bearish corrective cycle, opening $2730.4, the 76.4% retracement of the Oct 31 - Nov 14 bear leg. Initial support is at $2636.6, the 50-day EMA.
  • In the oil space, WTI futures have traded higher this week. However, a bearish theme remains intact. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and a 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 is $72.41, the Nov 7 high.