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OUTLOOK: Price Signal Summary - Reversal In Oil Extends

OUTLOOK
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  • On the commodity front, the recent short-term retracement in Gold appears to have been a correction. The trend condition is unchanged and remains bullish. MA studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. A resumption of gains would refocus attention on $2690.2, the 2.618 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support lies at $2622.9, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper retracement.
  • In the oil space, WTI futures gapped lower today and this has resulted in a break of the Oct 9 low. An extension lower 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 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. Initial resistance is $76.24, the Oct 10 high.
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  • On the commodity front, the recent short-term retracement in Gold appears to have been a correction. The trend condition is unchanged and remains bullish. MA studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. A resumption of gains would refocus attention on $2690.2, the 2.618 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support lies at $2622.9, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper retracement.
  • In the oil space, WTI futures gapped lower today and this has resulted in a break of the Oct 9 low. An extension lower 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 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. Initial resistance is $76.24, the Oct 10 high.