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OUTLOOK: Price Signal Summary - WTI Approaches Resistance Is AT The 50-Day EMA

OUTLOOK
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  • On the commodity front, a bullish structure in Gold remains intact and the metal has traded, once again, to a fresh all-time high. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2642.7 next, a 2.236 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support lies at $2547.5, the 20-day EMA.
  • In the oil space, WTI futures are holding on to their recent gains. The recovery since Sep 9, appears - for now - to be a correction. The 20-day EMA, at $70.28, has been pierced. The next key resistance to watch is $72.38, the 50-day EMA. A break would undermine a bear theme. Note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger.
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  • On the commodity front, a bullish structure in Gold remains intact and the metal has traded, once again, to a fresh all-time high. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2642.7 next, a 2.236 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support lies at $2547.5, the 20-day EMA.
  • In the oil space, WTI futures are holding on to their recent gains. The recovery since Sep 9, appears - for now - to be a correction. The 20-day EMA, at $70.28, has been pierced. The next key resistance to watch is $72.38, the 50-day EMA. A break would undermine a bear theme. Note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger.