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Price Signal Summary - Trend Condition In Gold Remains Bullish

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish and the yellow metal traded higher Friday, extending the current impulsive bull phase. The move up maintains the price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode condition, reflecting positive market sentiment. The next objective is $2452.5, the 2.618 projection of the Oct 6 - 27 - Nov 13 price swing. Initial firm support is at $2264.8, the 20-day EMA.
  • In the oil space, a bull theme in WTI futures remains intact and the latest move lower is considered corrective. Recent gains reinforced current bullish conditions and confirmed a resumption of the uptrend. The contract has breached $84.87, the Sep 15 ‘23 high, paving the way for a climb towards the $90.00 handle further out. The next objective is $89.08, the 2.00 projection of the Jan 3 - 29 - Feb 5 price swing. Initial firm support to watch lies at $83.70, the 20-day EMA.
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