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OUTLOOK: Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, the trend in Gold remains bullish and the recent sideways move marks a pause in the uptrend. MA studies are in a bull-mode set-up and this highlights a dominant uptrend. The recent breach of $2483.7, Jul 17 high, confirmed a resumption of the primary uptrend and the focus is on $2536.4 next, a 1.50 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Initial support to watch lies at $2483.6, the 20-day EMA. It has been pierced, a move lower would be considered corrective.
  • In the oil space, WTI futures maintain a softer tone. The contract traded sharply lower Tuesday, resulting in a break of key support at $70.88, the Aug 5 low. The clear break of this level confirms a resumption of the downtrend that started Apr 12 and paves the way for an extension towards $68.92, the Dec 13 ‘23 low. Moving average studies are in a bear-mode position highlighting a clear downtrend. Initial resistance is at $74.65, the 20-day EMA.
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