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Price Signal Summary - Bear Threat In Oil Futures Remains Present

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish and this week’s gains reinforce this condition. The latest recovery signals scope for a test of key short-term resistance at $2009.4, the Nov 7 high. Clearance of this hurdle would confirm a resumption of the uptrend and pave the way for a climb towards $2022.2, the May 15 high. Key support has been defined at $1931.7, the Nov 13 low. A break would signal a potential reversal.
  • In the oil space, a bearish theme in WTI futures remains in play and recent gains are considered corrective. The break lower last week marked an extension of the downtrend that started late September and this has maintained a price sequence of lower lows and lower highs. Moving average studies are in a bear-mode position, highlighting a downtrend. The focus is on $70.96, a Fibonacci retracement. Key resistance is unchanged at $79.65, Nov 14 high.
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