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Price Signal Summary - Oil Futures Clear Resistance And Resume Their Uptrend

OUTLOOK
  • On the commodity front, Gold conditions remain bullish for now and the latest pullback is considered corrective. Last week’s print above $1985.3, the May 24 high, reinforces current conditions. A resumption of gains would pave the way for a climb towards $1998.1, a Fibonacci retracement point. The yellow metal remains above support at the 50-day EMA, which intersects at $1949.8. This average represents an important short-term level.
  • In the oil space, the uptrend in WTI futures remains intact and yesterday's rally confirmed a resumption of the bull cycle. The break above $77.15, the Jul 13 high, signals scope for a climb towards the next key resistance at $81.44, the high on Apr 12 / 13. Moving average studies are in a bull-mode position, reinforcing current conditions. Key short-term support has been defined at $73.78, the Jul 17 low.
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