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OUTLOOK: Price Signal Summary - Bear Threat In WTI Remains Present

OUTLOOK
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  • On the commodity front, Gold has pulled back from its recent highs. Trend signals remain bullish and a move lower is considered corrective - for now. A key short-term resistance at $2721.4, the Nov 25 high, has recently been pierced and this represents a positive development. A resumption of gains would expose key resistance at $2790.1, the Oct 31 high. Clearance of this level would confirm a resumption of the primary uptrend. First key support is $2605.3, the Nov 26 low.
  • In the oil space, a bearish threat in WTI futures remains present and recent gains are - for now - considered corrective. A resumption of the bear cycle would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high.
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  • On the commodity front, Gold has pulled back from its recent highs. Trend signals remain bullish and a move lower is considered corrective - for now. A key short-term resistance at $2721.4, the Nov 25 high, has recently been pierced and this represents a positive development. A resumption of gains would expose key resistance at $2790.1, the Oct 31 high. Clearance of this level would confirm a resumption of the primary uptrend. First key support is $2605.3, the Nov 26 low.
  • In the oil space, a bearish threat in WTI futures remains present and recent gains are - for now - considered corrective. A resumption of the bear cycle would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high.