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Price Signal Summary - Key Support In WTI Remains Intact

OUTLOOK
  • On the commodity front, the Gold trend condition is unchanged - the uptrend remains intact and the metal is trading closer to its recent highs. Price has recently breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. The continuation higher strengthens a bullish theme and opens $2022.20 next, the May 15 high. Initial firm pivot support lies at $1931.1, the 50-day EMA. Clearance of this level is required to signal a short-term top. Initial support is at $1953.8, the 20-day EMA.
  • In the oil space, the medium-term trend condition in WTI futures is bullish and the recent move lower still appears to be a correction. A stronger resumption of gains would expose the bull trigger at $92.48, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the medium - term uptrend. For bears, the support to watch lies at $80.20, the Oct 6 low. A break of this level would instead highlight a short-term top.
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Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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