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Price Signal Summary - Oil Futures Trend Needle Points North

OUTLOOK
  • On the commodity front, Gold remains bearish and the yellow metal traded lower yesterday, confirming an extension of the bear cycle that started Jul 20. $1924.5, the Jul 11 low, has been breached. The move lower signals potential for weakness towards the key support at $1893.1, the Jun 29 low. A break of this level would strengthen bearish conditions. Initial firm resistance to watch is $1945.9, the 50-day EMA.
  • In the oil space, the uptrend in WTI futures remains intact and yesterday’s pullback is considered corrective. This week’s gains confirm a resumption of the bull cycle. Price has breached resistance at $83.59, the Nov 7 2022 high. The break strengthens a bullish condition and paves the way for a climb towards $87.43, 1.382 projection of the Jun 28 - Jul 13 - Jul 17 price swing. Moving average studies are in bull-mode condition highlighting an uptrend. Initial firm support lies at $78.69, Aug 3 low.
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Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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