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Price Signal Summary - WTI Bull Cycle Remains In Play

OUTLOOK
  • On the commodity front, Gold conditions remain bullish for now and the latest pullback is considered corrective. Last week’s print above $1985.3, the May 24 high, reinforces a bull theme. A resumption of gains would pave the way for a climb towards $1998.1, 61.8% retracement of the May 4 - Jun 29 bear leg. The yellow metal remains above support at the 50-day EMA, which intersects at $1950.4. This average represents an important short-term level.
  • In the oil space, the uptrend in WTI futures remains intact and this week’s climb has confirmed a resumption of the bull cycle. The break above $77.15, the Jul 13 high signals scope for a move towards the next key resistance at $81.44, the high on Apr 12 / 13. Moving average studies are in a bull-mode position, reinforcing current conditions. Key short-term support has been defined at $73.78, the Jul 17 low.
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