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OUTLOOK: Price Signal Summary - WTI Impulsive Rally Extends

OUTLOOK
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  • On the commodity front, Gold remains in consolidation mode. The trend condition is also unchanged and bulls remain in the driver’s seat. Recent gains confirm a resumption of the primary uptrend and maintain the bullish price sequence of higher highs and higher lows. MA studies are in a bull-mode set-up too, 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 $2612.1, the 20-day EMA.
  • In the oil space, WTI futures are trading higher today as the pair extends the rally that started on Oct 1. The rally undermines a recent bearish theme and suggests potential for a continuation higher near-term. Sights are on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. A break of this level would strengthen a bullish condition. On the downside, initial firm support to watch is $70.56, the 20-day EMA. First support is at $72.40, the Sep 24 high.
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  • On the commodity front, Gold remains in consolidation mode. The trend condition is also unchanged and bulls remain in the driver’s seat. Recent gains confirm a resumption of the primary uptrend and maintain the bullish price sequence of higher highs and higher lows. MA studies are in a bull-mode set-up too, 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 $2612.1, the 20-day EMA.
  • In the oil space, WTI futures are trading higher today as the pair extends the rally that started on Oct 1. The rally undermines a recent bearish theme and suggests potential for a continuation higher near-term. Sights are on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. A break of this level would strengthen a bullish condition. On the downside, initial firm support to watch is $70.56, the 20-day EMA. First support is at $72.40, the Sep 24 high.