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Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, the bear cycle in Gold remains intact. The yellow metal traded lower last Wednesday and once again pierced trendline support drawn from the Nov 3 2022 low. The trendline intersects at $1958.0. A clear breach of this line would reinforce bearish conditions and open $1903.5, 61.8% of the Feb 28 - May 4 bull cycle. Initial firm resistance is $1985.3, the May 24 high. Clearance of this level would instead signal a short-term reversal.
  • In the oil space, WTI futures continue to trade below key short-term resistance at $75.06, the Jun 5 high. The pullback from this level reinforces a bearish theme. A continuation lower would signal scope for weakness towards $67.03, the May 31 low and key support at $63.90, the May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. On the upside, a break of resistance at $75.06 is required to highlight a potential bullish theme.
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