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Price Signal Summary - Bear Cycle In Oil Futures Remains Intact

OUTLOOK
  • On the commodity front, Gold continues to trade below its recent highs. The latest move down is considered corrective, however, the yellow metal has pierced support at the 50-day EMA - at $2361.1. A clear break of this average would signal scope for a deeper retracement. This would open $2277.4, the May 3 low and a key support. For bulls, a reversal higher would refocus attention on $2483.7, the Jul 17 high, and a bull trigger. A break would resume the primary uptrend. Initial resistance is $2432.0, the Jul 24 high.
  • In the oil space, the recent move lower in WTI futures signals scope for an extension near-term. The contract has traded through both the 20- and 50-day EMAs, reinforcing a short-term bearish threat. A resumption of the bear leg would open $72.23, the Jun 4 low and the next key support. For bulls, a reversal higher would instead refocus attention on the key resistance points at $83.58, the Jul 5 high, and $84.36, the Apr 12 high. Initial resistance is $79.14/83.58, the 20-day EMA.
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