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OUTLOOK: Price Signal Summary - WTI Breaches Resistance At The 50-Day EMA

OUTLOOK
  • On the commodity front, Gold remains in a bull-mode condition and last week’s fresh cycle high reinforces current conditions. Note that moving average studies remain in a bull-mode set-up and this highlights a dominant uptrend. The focus is on a climb towards $2536.4 next, a 1.50 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Initial support to watch lies at $2461.3, the 20-day EMA.
  • In the oil space, WTI futures have recovered from their recent lows and the contract is trading higher today, starting this week on a bullish note. The move is considered corrective, however, price has breached resistance at $76.26, the 50-day EMA. A clear break of the average would undermine the recent bearish theme and attention would turn to key resistance at $78.54, the Aug 12 high. For bears, a reversal lower would refocus attention on $70.88 key support.
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