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Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, Gold remains bearish despite the recovery from Friday’s session low. Sights are on the Sep 28 low of $1615.0, where a break would confirm a resumption of the broader downtrend and open $1610.5, the 1.00 projection of the Jun 13 - Jul 21 - Aug 10 price swing. The next firm resistance is at $1693.4, the 50-day EMA.
  • In the Oil space, the WTI futures outlook is bearish and an extension lower would open $79.63, the 76.4% retracement points of the Sep 26 - Oct 10 rally and potentially $75.70 further out, the Sep 26 low. The key short-term resistance is at $92.34, the Oct 10 high. Initial firm resistance to watch is at $88.66, Oct 12 high.
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