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OUTLOOK: Price Signal Summary - Gold Heads North

OUTLOOK
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  • On the commodity front, Gold is trading higher today. Thursday’s gains resulted in a break of $2685.6, the Sep 26 high, confirming a resumption of the primary bull trend. The yellow metal has also cleared $2700.0, reinforcing current trend conditions. This maintains the positive price sequence of higher highs and higher lows. Sights are on $2737.8, a 3.00 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support is $2637.0, the 20-day EMA.
  • In the oil space, WTI futures gapped lower Tuesday and this resulted In a break of the Oct 9 low. A bearish extension would threaten the recent bullish theme and expose support at $66.33, the Oct 1 low, and $64.61, the Sep 10 low and a key support. For bulls, a resumption of gains would instead refocus attention on the key short-term resistance at $78.46, the Oct 8 high. Clearance of this level would resume to the recent uptrend.
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  • On the commodity front, Gold is trading higher today. Thursday’s gains resulted in a break of $2685.6, the Sep 26 high, confirming a resumption of the primary bull trend. The yellow metal has also cleared $2700.0, reinforcing current trend conditions. This maintains the positive price sequence of higher highs and higher lows. Sights are on $2737.8, a 3.00 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support is $2637.0, the 20-day EMA.
  • In the oil space, WTI futures gapped lower Tuesday and this resulted In a break of the Oct 9 low. A bearish extension would threaten the recent bullish theme and expose support at $66.33, the Oct 1 low, and $64.61, the Sep 10 low and a key support. For bulls, a resumption of gains would instead refocus attention on the key short-term resistance at $78.46, the Oct 8 high. Clearance of this level would resume to the recent uptrend.