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Price Signal Summary - Oil Futures Clear Resistance

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish and last week’s resumption of the uptrend reinforced current conditions - the yellow metal cleared former resistance at 2009.7, the Mar 20 high, to post fresh YTD highs. This signals scope for a climb towards $2034.0 next, the 2.00 projection of the Sep 28 - Oct 4 rally from Feb 28. On the downside, key support has been defined at $1934.3, the Mar 22 low - a break would highlight a potential reversal. Initial support is at 1971.9, the 20-day EMA.
  • In the oil space, WTI futures remain in a bull cycle and the contract traded higher Wednesday, clearing resistance at $81.81, Apr 4 high. The break confirms a resumption of the current uptrend note that an important resistance at $83.04, the Jan 23 high, has also been breached. This opens $85.01, the Nov 14 high. Key short-term support is seen at $79.00, the Apr 3 low and the gap high on the daily chart.
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