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

OUTLOOK
  • On the commodity front, Gold Gold is holding on to the bulk of its latest gains. Friday’s rally delivered a fresh all-time high and the breach of resistance at $2483.7, the Jul 17 high, confirmed a resumption of the primary uptrend. Note that moving average studies remain in a bull-mode set-up and this continues to highlight a dominant uptrend. The focus is on a climb towards $2528.4, the 3.00 projection of the Oct 6 - 27 - Nov 13 price swing. Initial support to watch lies at $2432.6, the 20-day EMA.
  • In the oil space, WTI futures rallied sharply higher on Aug 12 . The move undermines a recent bearish theme and price traded through both the 20- and 50-day EMAs. A resumption of gains would signal scope for a climb towards $80.77, 76.4% of the Jul 5 - Aug 5 low. Clearance of this level would open $83.58, the Jul 5 high. On the downside, the contract has pulled back from its recent high. A stronger sell-off would refocus attention on key support at $71.67, Aug 5 low.
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