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Price Signal Summary - Oil Bears Remain In The Driver's Seat

OUTLOOK
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  • On the commodity front, a bear cycle in Gold remains in play and the yellow metal traded lower earlier today. The medium-term trend structure is bullish and the recent move down appears to be a correction that is allowing an overbought condition to unwind. MA studies are in a bull-mode position, highlighting an uptrend. A resumption of gains would open $2452.5 next, the 2.618 projection of the Oct 6 - 27 - Nov 13 price swing. The 50-day EMA, at $2307.8, represents a key support.
  • In the oil space, WTI futures have pulled back from last Wednesday’s high of $80.62. The trend direction is unchanged and remains down. The latest recovery appears to have been a correction. A continuation lower would signal scope for a move towards $75.64, the Mar 11 low. On the upside, initial firm resistance to watch is at $80.62, the May 29 high.
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  • On the commodity front, a bear cycle in Gold remains in play and the yellow metal traded lower earlier today. The medium-term trend structure is bullish and the recent move down appears to be a correction that is allowing an overbought condition to unwind. MA studies are in a bull-mode position, highlighting an uptrend. A resumption of gains would open $2452.5 next, the 2.618 projection of the Oct 6 - 27 - Nov 13 price swing. The 50-day EMA, at $2307.8, represents a key support.
  • In the oil space, WTI futures have pulled back from last Wednesday’s high of $80.62. The trend direction is unchanged and remains down. The latest recovery appears to have been a correction. A continuation lower would signal scope for a move towards $75.64, the Mar 11 low. On the upside, initial firm resistance to watch is at $80.62, the May 29 high.