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Price Signal Summary - Bear Threat In Oil Futures Remains Present

OUTLOOK
  • On the commodity front, Gold remains in consolidation mode. The broader trend condition is bullish, however, the yellow metal has recently entered a short-term corrective cycle. Price has pierced support at $1988.1, the 20-day EMA, highlighting potential for a deeper retracement. A move lower would open $1949.9, the 50-day EMA. Key short-term resistance has been defined at $2048.7, the Apr 5 high.
  • In the oil space, the outlook in WTI futures remains bearish and Wednesday's strong sell-off reinforces the current theme. $73.98 has been pierced today, the 50.0% retracement of the Mar 20 - Apr 12 rally. A clear break would open $72.76, the Mar 30 low. On the upside, a key short-term resistance has been defined at $79.18, the Apr 24 high.
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