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Price Signal Summary - Short-Term Gains In Gold Are Considered Corrective

OUTLOOK
  • On the commodity front, Gold is trading higher today. However, the trend condition is unchanged and remains bearish. Recent fresh lows reinforce bearish conditions, confirming a resumption of the downtrend and extending the price sequence of lower lows and lower highs. Moving average studies are in a bear mode position highlighting current sentiment. The focus is on $1885.8, the Mar 15 low. Key resistance is $1985.3, the May 24 high. Initial firm resistance is $1944.3, the 50-day EMA.
  • In the oil space, WTI futures remain in a medium-term bear mode condition, however, a corrective cycle is in play and the contract has breached resistance at $72.72, the Jun 21 high, This strengthens a short-term bullish condition and a continuation would expose key resistance at $75.70, the Jun 5 high. A break of this level would highlight an important bullish break. On the downside, key short-term support is at $66.96, the Jun 12 low.
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