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OUTLOOK: Price Signal Summary - Trend Structure In Gold Remains Bullish

OUTLOOK
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  • On the commodity front, the trend in Gold is in consolidation mode and remains closer to its recent highs. The trend condition is unchanged and the direction remains up. Note too that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend. 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 $2448.3, the 50-day EMA. Short-term weakness is considered corrective.
  • In the oil space, WTI futures remain in a bearish condition and last week’s impulsive sell-off reinforces this theme. The move down resulted in a breach 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 opens $66.66, a 1.382 projection of the Apr 12 - Jun 4 - Jul 5 price swing. MA studies are in a bear-mode position highlighting a clear downtrend. Initial firm resistance is at $72.67, the 20-day EMA.
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  • On the commodity front, the trend in Gold is in consolidation mode and remains closer to its recent highs. The trend condition is unchanged and the direction remains up. Note too that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend. 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 $2448.3, the 50-day EMA. Short-term weakness is considered corrective.
  • In the oil space, WTI futures remain in a bearish condition and last week’s impulsive sell-off reinforces this theme. The move down resulted in a breach 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 opens $66.66, a 1.382 projection of the Apr 12 - Jun 4 - Jul 5 price swing. MA studies are in a bear-mode position highlighting a clear downtrend. Initial firm resistance is at $72.67, the 20-day EMA.