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Price Signal Summary - Trend Needle In Oil Points North

OUTLOOK
  • On the commodity front, {O4} Gold traded lower again yesterday but has recovered from the session low of $1901.1. A break of this level would strengthen the current bearish theme and highlight the fact that the recovery between Aug 21 - Sep 1 has been a correction. This would expose $1884.9, the Aug 21 low. On the upside, initial firm resistance is seen at $1928.0, the 50-day EMA. Key resistance is at $1953.0, the Sep 4 high. Gains are considered corrective.
  • In the oil space, the uptrend in WTI futures remains intact and this week’s gains reinforce this theme. The break higher confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Note too that moving average studies are in a bull-mode position, highlighting a rising trend. The $90.00 handle has been cleared, this opens $92.17 next, the Nov 8 2022 high (cont). Initial firm support to watch is $84.90, the 20-day EMA.
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