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Price Signal Summary - Bull Cycle In Oil Futures Remains In Play

OUTLOOK
  • On the commodity front, Gold traded higher last week and the yellow metal has pierced resistance at $2387.8, the Jun 7 high. This undermines a recent bearish theme and a clear break would be a bullish development and open the key resistance at $2450.1, the May 20 high. Initial support to watch lies at the 50-day EMA, at 2326.3. A clear break of this average would instead confirm a resumption of the reversal from May 20 and expose $2277.4, May 3 low.
  • In the oil space, a bull cycle in WTI futures remains in play and the latest pullback appears to be a correction. The recent breach of $80.11, the May 29 high and a key resistance, strengthened a bullish theme. Note too that $82.24, 76.4% of the Apr 12 - Jun 4 bear leg, has been cleared. Furthermore, moving average studies are in a bull-mode set-up. Sights are on $85.27, the Apr 12 high and a bull trigger. Initial firm support to watch is $79.63, the 50-day EMA.
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