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Price Signal Summary - Oil Futures Outlook Remains Bullish

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish and last week’s resumption of the uptrend reinforces current conditions - the yellow metal cleared former resistance at 2009.7, the Mar 20 high, to post fresh YTD highs and signal 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.
  • In the oil space, WTI futures remain in a bull cycle and last week’s gains strengthened this current condition. The contract has today pierced $81.81, the Apr 4 high. A continuation higher would open $83.04, the Jan 23 high. Key support is seen at $75.72, the Mar 31 high and a gap low on the daily chart. A pullback, if seen, would be considered corrective. First support lies at $77.69, the 23.6% retracement of the Mar 20 - Apr 4 rally.

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