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Price Signal Summary - Oil Futures Hold On To Their Recent Gains

OUTLOOK
  • On the commodity front, a short-term correction in Gold remains in play and the yellow metal has breached resistance at the 50-day EMA - at $1931.1. This strengthens the current bull cycle and signals scope for a stronger recovery. Attention turns to $1948.3, 61.8% of the Jul 20 - Aug 21 bear leg. It has been pierced, a clear break would open $1963.3, the 76.4% retracement. On the downside, initial firm support lies at $1903.9, the Aug 25 low.
  • In the oil space, the uptrend in WTI futures remains intact, and recent weakness is considered corrective. Last week’s move lower resulted in a print below support at $78.33, the Aug 3 low, however price action has since recovered. Note that a key support also lies at the 50-day EMA, which intersects at $77.96. A clear break of this level would highlight a stronger bear cycle. Price has pierced resistance at $81.75, Aug 21 high, a clear break would be bullish and open $84.16, the Aug 10 high and bull trigger.
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