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Price Signal Summary - Oil Gains Considered Corrective

OUTLOOK
  • Gold remains in a downtrend and Wednesday’s bounce is considered corrective. Fresh trend lows this week confirm a resumption of the downtrend and this opens $1610.5, the 1.00 projection of the Jun 13 - Jul 21 - Aug 10 swing.
  • In the Oil space, a bearish threat in WTI futures remains present and the recovery from Monday’s low is considered corrective. The recent break of support at $84.25, the Jul 14 low, confirmed a resumption of the downtrend that started Jun 8. Attention is on $76.11, 1.618 projection of the Jul 29 - Aug 16 - 30 price swing.
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