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Price Signal Summary - Trend Needle In Oil Futures Points North

OUTLOOK
  • On the commodity front, Gold traded sharply lower last Thursday and a bearish threat remains present. The move down resulted in a break of the 50-day EMA - at $1952.0. A continuation lower would further threaten the recent bullish theme and expose support at $1924.5, the Jul 11 low. Clearance of this level would open key support at $1893.1, the Jun 29 low. Key resistance has been defined at $1987.5, Jul 20 high. A break of this hurdle would reinstate a bullish theme.
  • In the oil space, the uptrend in WTI futures remains intact. The break above $77.15 last week, the Jul 13 high, confirmed a resumption of the current bull cycle and this has resulted in a break of key resistance at $81.44, the high on Apr 12 / 13. This development strengthens bullish conditions and signals scope for a climb towards $83.59, the Jul 11 2022 high. Initial firm support is at $76.64, the 20-day EMA.
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