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Price Signal Summary - Oil Futures Continue To Appreciate

OUTLOOK
  • On the commodity front, Gold traded sharply lower last Thursday. The move down resulted in a break of support at the 50-day EMA - at $1951.4. A continuation lower would threaten the recent bullish theme and instead expose support at $1924.5, the Jul 11 low. Clearance of this level would expose key support at $1893.1, the Jun 29 low. Key short-term resistance has been defined at $1987.5, the Jul 20 high. A break of this hurdle is required to reinstate a bullish theme.
  • In the oil space, the uptrend in WTI futures remains intact and the contract is firmer again today. Last week’s gains confirmed a resumption of the bull cycle. The break above $77.15, the Jul 13 high signals scope for an extension towards the next key resistance at $81.44, the high on Apr 12 / 13. A break of this hurdle would open $83.59, the Jul 11 2022 high. Moving average studies are in a bull-mode position, reinforcing current positive conditions. Initial firm support is at $76.10, the 20-day EMA.
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