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OUTLOOK: Price Signal Summary - Gold Trend Needle Points North

OUTLOOK
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  • On the commodity front, a bullish structure in Gold remains intact and the metal traded, once again, to a fresh all-time high, yesterday. Last week’s gains confirmed a resumption of the primary uptrend and marked the end of the recent period of consolidation - a pause in the uptrend. The focus is on $2600.0 next. Firm support lies at $2515.5, the 20-day EMA.
  • In the oil space, WTI futures are holding on to their latest gains. The move higher that started Sep 9, appears 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 downtrend would open $63.93 next, 1.618 projection of the Apr 12 - Jun 4 - Jul 5 price swing. Initial firm resistance to watch is at $70.97, the 20-day EMA.
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  • On the commodity front, a bullish structure in Gold remains intact and the metal traded, once again, to a fresh all-time high, yesterday. Last week’s gains confirmed a resumption of the primary uptrend and marked the end of the recent period of consolidation - a pause in the uptrend. The focus is on $2600.0 next. Firm support lies at $2515.5, the 20-day EMA.
  • In the oil space, WTI futures are holding on to their latest gains. The move higher that started Sep 9, appears 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 downtrend would open $63.93 next, 1.618 projection of the Apr 12 - Jun 4 - Jul 5 price swing. Initial firm resistance to watch is at $70.97, the 20-day EMA.