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Price Signal Summary - Trend Needle In Oil Points North

OUTLOOK
  • On the commodity front, a bull cycle in Gold remains in play. Recent gains have resulted in a break of resistance at the 50-day EMA - at $1932.2. This strengthens the current bull leg and signals scope for a stronger recovery. Attention is on $1948.3, 61.8% of the Jul 20 - Aug 21 bear leg. It has been pierced, a clear break would open $1963.3, the 76.4% retracement. The yellow metal has pulled back from recent highs, initial firm support lies at $1903.9, the Aug 25 low.
  • In the oil space, the uptrend in WTI futures remains intact and last Friday’s gains reinforce this theme. Key resistance at $84.16, the Aug 10 high, has been cleared. The clear break confirms a resumption of the uptrend and has opened $86.62, the 1.382 projection of the Jun 28 - Jul 13 - Jul 17 price swing. On the downside, initial support to watch is $80.91, the 20-day EMA. A break would signal a short-term top and expose the 50-day EMA at $78.47.
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