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OUTLOOK: Price Signal Summary - WTI Bear Leg Extends

OUTLOOK
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  • On the commodity front, {O4} Gold bulls remain in the driver’s seat and the yellow metal is trading just below its recent all-time high. Recent gains confirm a resumption of the primary uptrend and maintain 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 $2690.2 next, a 2.618 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support lies at $2589.8, the 20-day EMA.
  • In the oil space, {7I} WTI futures have reversed a large part of their recent gains and the contract is trading lower today. Price is trading below the 50-day EMA at $71.77, which remains the key upside hurdle for bulls. The latest sell-off also highlights the fact that the recovery since Sep 9 is likely a correction. Note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A continuation lower would refocus attention on $64.61, the Sep 10 low and bear trigger.
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  • On the commodity front, {O4} Gold bulls remain in the driver’s seat and the yellow metal is trading just below its recent all-time high. Recent gains confirm a resumption of the primary uptrend and maintain 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 $2690.2 next, a 2.618 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support lies at $2589.8, the 20-day EMA.
  • In the oil space, {7I} WTI futures have reversed a large part of their recent gains and the contract is trading lower today. Price is trading below the 50-day EMA at $71.77, which remains the key upside hurdle for bulls. The latest sell-off also highlights the fact that the recovery since Sep 9 is likely a correction. Note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A continuation lower would refocus attention on $64.61, the Sep 10 low and bear trigger.