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Price Signal Summary - WTI Clears Resistance

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 current conditions. A resumption of gains would pave the way for a climb towards $1998.1, the 61.8% retracement of the May 4 - Jun 29 bear leg. The yellow metal remains above the 50-day EMA, which intersects at $1949.6. This average represents an important short-term support.
  • In the oil space, the uptrend in WTI futures remains intact. Today’\s clear break of $77.15, the Jul 13 high, reinforces the bullish theme and confirms a resumption of the trend.. This has opened $78.10, the Apr 24 high. Further out, the break higher signals scope for a climb towards $81.44, the high on Apr 12 / 13. Key short-term support has been defined at $73.78, the Jul 17 low.
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