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Price Signal Summary - Gold Heads South

OUTLOOK
  • On the commodity front, Gold sold off sharply last week and the yellow metal has started this week’s session on a bearish note. The recent move lower resulted in a break of support at $1901.10 and this was followed by a breach of $1884.9, the Aug 21 low. This confirmed a resumption of the downtrend that started off the early May high. Attention is on $1827.8, the Mar 10 low. On the upside, initial firm resistance is at $1905.5, the 20-day EMA. First resistance is at $1879.9, the Sep 29 high.
  • In the oil space, the uptrend in WTI futures remains intact and last week’s climb confirmed a resumption of the trend - resistance at $92.43, Sep 19 high, was cleared. This maintains the bullish price sequence of higher highs and higher lows and note that MA studies are in a bull-mode position, reflecting the market's positive sentiment. Sights are on $97.08 next, a 1.236 projection of the Jun 28 - Aug 10 - 24 price swing. Key support is $88.19, Sep 2 low. A break would highlight a possible S/T top.
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