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OUTLOOK: Price Signal Summary - WTI Pullback Extends

OUTLOOK
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  • On the commodity front, trend conditions in Gold remain bullish and the recent sideways move marks a pause in the uptrend. The breach of $2483.7, the Jul 17 high, confirmed a resumption of the primary uptrend. Note that MA studies are still 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 $2483.6, the 20-day EMA.
  • In the oil space, WTI futures have pulled back from last week’s high and the contract is again trading lower today. A continuation down would expose the $70.88 key support, the Aug 5 low. A break of this level would confirm a resumption of the bear cycle that started Apr 12. For bulls, a reversal higher would once again refocus attention on key resistance at $78.54, the Aug 12 high. Clearance of this hurdle would be a bullish development. Initial resistance is at $76.09, the 50-day EMA.
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  • On the commodity front, trend conditions in Gold remain bullish and the recent sideways move marks a pause in the uptrend. The breach of $2483.7, the Jul 17 high, confirmed a resumption of the primary uptrend. Note that MA studies are still 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 $2483.6, the 20-day EMA.
  • In the oil space, WTI futures have pulled back from last week’s high and the contract is again trading lower today. A continuation down would expose the $70.88 key support, the Aug 5 low. A break of this level would confirm a resumption of the bear cycle that started Apr 12. For bulls, a reversal higher would once again refocus attention on key resistance at $78.54, the Aug 12 high. Clearance of this hurdle would be a bullish development. Initial resistance is at $76.09, the 50-day EMA.