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Price Signal Summary - Gold Bull Cycle Remains In Play

OUTLOOK
  • On the commodity front, Gold traded higher last week, extending the reversal from $1810.5, the Oct 6 low. The yellow metal has breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. The break strengthens a bullish theme and opens $2003.4, 76.4% of the May 4 - Oct 6 bear leg. Initial firm pivot support lies at $1907.7, the 50-day EMA. Clearance of this level is required to signal a short-term top and a potential reversal. First support is at $1945.3, the Oct 19 low.
  • In the oil space, WTI futures traded higher last week and the contract remains in bull-mode condition. The latest recovery has highlighted a key support at $80.20, the Oct 6 low. The medium-term trend condition is bullish and an extension higher would expose the bull trigger at $92.48, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the uptrend. For bears, a move through $80.20, would instead highlight a short-term top. Initial support to watch is $84.06, the 50-day EMA.
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