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Price Signal Summary - Bull Cycle In Oil Futures Remains Intact

OUTLOOK
  • On the commodity front, Gold is in consolidation mode and trades closer to its recent lows. A sharp sell-off on Jun 7 reinforced a S/T bearish theme. The yellow metal has pierced the 50-day EMA, at 2315.7. 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 have traded higher this week, extending the current bull phase. The climb has resulted in a break of $80.11, the May 29 high and a key resistance. A clear breach of this hurdle would cancel a recent bearish theme and pave the way for $82.24, 76.4% of the Apr 12 - Jun 4 bear leg. Initial firm support to watch is $77.74, the 20-day EMA. A break would be seen as an early potential reversal signal.
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