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Price Signal Summary - Gold Bulls Remain In The Driver's Seat

OUTLOOK
  • On the commodity front, the trend condition in {O4} Gold remains bullish and the yellow metal has traded to a fresh cycle high this week. This confirms an extension on the uptrend and maintains the price sequence of higher highs and higher lows. Note that moving average studies are in a bull mode position - reflecting the uptrend. The focus is on $1963.0 next, 76.4% retracement of the Mar - Sep 2022 bear leg. Support to watch lies at $1867.4, the 20-day EMA.
  • In the Oil space, WTI futures traded higher Wednesday but price pulled back from the $82.38 session high. This highlights a potential bearish threat. Attention is on support at $77.75, the 20-day EMA. A break of this average would highlight a stronger bear threat and expose support at $72.46, the Jan 5 low. On the upside, key short-term resistance has been defined at $82.38 where a break would reinstate the recent bullish theme.
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