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Price Signal Summary - Bear Threat In Gold Remains Present

OUTLOOK
  • On the commodity front, Gold continues to trade below resistance and a bear threat remains present. A sharp sell-off on Jun 7 reinforced a short-term bearish theme. The yellow metal has pierced the 50-day EMA, at 2318.4. A clear break would confirm a resumption of the reversal from May 20 and open $2277.4, the May 3 low. Clearance of this price point would also strengthen a bearish theme. Initial firm resistance is $2387.8, the Jun 7 high.
  • In the oil space, WTI futures are trading near their latest highs and the current bull phase remains intact. The recent move higher has resulted in a break of $80.11, the May 29 high and a key resistance. The clear breach of this hurdle cancels a bearish theme and paves the way for $82.24, 76.4% of the Apr 12 - Jun 4 bear leg. Initial firm support to watch is $78.65, the 20-day EMA. A break would be seen as an early potential reversal signal.
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