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Price Signal Summary - Bear Threat In Oil Futures Remains Present

OUTLOOK
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  • On the commodity front, recent weakness in Gold appears to be a correction. However, note that the yellow metal has managed to pierce support at the 50-day EMA - at $2375.6. A clear break of this EMA would signal scope for a deeper retracement towards $2277.4, the May 3 low and a key support. For bulls, a resumption of gains would open $2483.7, the Jul 17 high and a bull trigger. Clearance of this hurdle would resume the uptrend.
  • In the oil space, a bear threat in WTI futures remains present and the contract traded lower Monday, extending the current downtrend, before recovering. Sights are on the next key support at $72.23, the Jun 4 low. It has been pierced, a clear break would reinforce bearish conditions and pave the way for an extension towards $70.73, the Feb 5 low. Key resistance is seen at $78.88, the Aug 1 high. Short-term gains would allow an oversold condition to unwind.
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  • On the commodity front, recent weakness in Gold appears to be a correction. However, note that the yellow metal has managed to pierce support at the 50-day EMA - at $2375.6. A clear break of this EMA would signal scope for a deeper retracement towards $2277.4, the May 3 low and a key support. For bulls, a resumption of gains would open $2483.7, the Jul 17 high and a bull trigger. Clearance of this hurdle would resume the uptrend.
  • In the oil space, a bear threat in WTI futures remains present and the contract traded lower Monday, extending the current downtrend, before recovering. Sights are on the next key support at $72.23, the Jun 4 low. It has been pierced, a clear break would reinforce bearish conditions and pave the way for an extension towards $70.73, the Feb 5 low. Key resistance is seen at $78.88, the Aug 1 high. Short-term gains would allow an oversold condition to unwind.