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Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, Gold traded in a volatile manner Monday. The trend condition is bullish and yesterday’s initial gains reinforce this theme. The precious metal touched a fresh all-time high of $2135.39 and this signals potential for a climb towards 2177.58 next, the 1.236 projection of the Oct 6 - 27 - Nov 13 price swing. Price has since retraced and is trading closer to this week’s low, so far. A short-term pullback is considered corrective - for now. Initial support is $2004.1, the 20-day EMA.
  • In the oil space, the trend outlook in WTI futures is unchanged, it remains bearish and the move lower from last Thursday’s high, reinforces this set-up. Resistance to watch is at $79.65, the Nov 14 high. A breach of this hurdle would strengthen any developing bullish threat and open $83.20, the Nov 3 high. Sights are on the bear trigger at $72.37, the Nov 16 low. Clearance of this level would confirm a resumption of the downtrend.
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