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Price Signal Summary - Trend Needle In Gold Continues To Point North

OUTLOOK
  • On the commodity front, the trend condition in {O4} Gold is bullish and this week’s gains reinforce current conditions. The rally earlier today delivered another all-time high and confirmed a resumption of the primary uptrend. Moving average studies remain in a bull-mode condition, reflecting positive market sentiment. This signals scope for a climb towards $2230.1,1.50 projection of the Oct 6 - 27 - Nov 13 price swing. On the downside, key short-term trend support has been defined at $2146.2, the Mar 18 low.
  • In the oil space, WTI futures traded higher Tuesday and a bull theme remains intact. Last week’s gains resulted in a break of $79.87, the Mar 1 high. The move higher confirms a resumption of the uptrend that has been in place since mid-December last year. Sights are on $83.87 next, the Oct 20 ‘23 high. A break of this level would open $84.87, the Sep 15 ‘23 high and a key resistance. Support to watch is $79.08, the 20-day EMA. The latest pullback appears to be a correction.
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