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OUTLOOK: Price Signal Summary - Gold Trend Needle Continues To Point North

OUTLOOK
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  • On the commodity front, Gold continues to trade inside a range but remains closer to its recent highs. The trend direction remains up. Sights are on $2536.4 next, a 1.50 projection of the Jul 25 - Aug 2 - Aug 5 price swing. The 20-day EMA has recently been pierced. The next firm support to watch is $2451.0, the 50-day EMA. Short-term weakness is considered corrective.
  • In the oil space, WTI futures remain in a bearish condition. Tuesday’s strong sell-off reinforces current conditions and confirms an extension of the bear cycle. A continuation lower would open $63.93 next, 1.618 projection of the Apr 12 - Jun 4 - Jul 5 price swing. Short-term gains would be considered corrective. Firm resistance is at $72.01, the 20-day EMA.
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  • On the commodity front, Gold continues to trade inside a range but remains closer to its recent highs. The trend direction remains up. Sights are on $2536.4 next, a 1.50 projection of the Jul 25 - Aug 2 - Aug 5 price swing. The 20-day EMA has recently been pierced. The next firm support to watch is $2451.0, the 50-day EMA. Short-term weakness is considered corrective.
  • In the oil space, WTI futures remain in a bearish condition. Tuesday’s strong sell-off reinforces current conditions and confirms an extension of the bear cycle. A continuation lower would open $63.93 next, 1.618 projection of the Apr 12 - Jun 4 - Jul 5 price swing. Short-term gains would be considered corrective. Firm resistance is at $72.01, the 20-day EMA.