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Price Signal Summary - Gold Bull Cycle Remains In Play

OUTLOOK
  • On the commodity front, Gold traded higher Wednesday, extending the reversal from $1810.5, the Oct 6 low. The yellow metal has pierced key resistance at $1953.0, the Sep 1 high. A clear break of this level would further strengthen a bullish theme and open $1987.5, the Jul 20 high. Note that moving average studies still highlight a broader bear trend condition, however, prices would need to trade below last Friday's low of $1868.8 to signal a reversal. Initial support is at $1901.8, the 50-day EMA.
  • In the oil space, WTI futures traded higher yesterday and the contract maintains a firmer tone, despite today’s move lower. Recent gains have highlighted a key support at $81.50, the Oct 6 low. The medium-term trend condition is bullish and an extension higher would expose the bull trigger at $95.03, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the uptrend. For bears, a move through $81.50, would instead highlight potential for a stronger bear cycle.
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