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Price Signal Summary - Gold Is Firmer But Remains Below Resistance

OUTLOOK
  • On the commodity front, Gold is firmer today. Despite these gains, a bear threat remains present. The sell-off on Jun 7 reinforced a short-term bearish theme. Price has pierced the 50-day EMA, at 2319.3. A clear break of this EMA 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 to watch is $2387.8, the Jun 7 high.
  • In the oil space, a bull cycle in WTI futures remains in play and the contract traded higher Tuesday, before giving back some gains. The recent breach of $80.11, the May 29 high and a key resistance, strengthened a bullish theme. Note too that $82.24, 76.4% of the Apr 12 - Jun 4 bear leg, has been cleared. This opens $85.27, the Apr 12 high and a bull trigger. Initial firm support to watch is $79.19, the 50-day EMA.
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