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Price Signal Summary - WTI Resumes Its Uptrend

OUTLOOK
  • On the commodity front, Gold remains bearish and the yellow metal traded lower yesterday, confirming an extension of the bear cycle that started Jul 20. $1924.5, the Jul 11 low, has been breached. A continuation lower would signal potential for a move towards the key support at $1893.1, the Jun 29 low. A break of this support would strengthen bearish conditions. Initial resistance is at $1948.6, the 50-day EMA.
  • In the oil space, the uptrend in WTI futures remains intact. The contract has traded higher today, confirming a resumption of the bull cycle. Price has also pierced resistance at $83.59, the Nov 7 2022 high. A clear break of this hurdle would strengthen a bullish condition and pave the way for a climb towards $85.00 next. Moving average studies remain in bull-mode condition highlighting an uptrend. Initial firm support lies at $78.69, the Aug 3 low.
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