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Price Signal Summary - Trend Outlook In Oil Futures Remains Bullish

OUTLOOK
  • On the commodity front, the outlook in Gold remains bearish, however, a short-term correction remains in play. The yellow metal has breached resistance at the 20-day EMA and attention turns to the 50-day EMA, at $1930.4. A clear break of this average would strengthen the current bull cycle. For bears, moving average studies continue to highlight a dominant downtrend. Key support and the bear trigger has been defined at $1884.9, the Aug 21 low.
  • In the oil space, the uptrend in WTI futures remains intact, remains intact and recent weakness is considered corrective. Last week’s move lower resulted in a print below support at $78.33, the Aug 3 low. A clear break of this level would highlight a stronger bear cycle and pave the way for a deeper retracement. Note that a key support also lies at the 50-day EMA, which intersects at $77.67. Initial resistance to watch is $81.75, a break would be a bullish development.
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Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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