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Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, Gold is trading above last week’s low of $2013.4 (Jan 11). Price is also trading ahead of key support at $2015.2 the 50-day EMA. A breach of both support points, would expose key support at $1973.2, the Dec 13 low. For bulls, clearance of $2088.5 would reinstate the bull cycle that started Dec 13. This would open $2097.1, 76.4% of the Dec 4 - 13 bear leg, ahead of key resistance and the Dec 4 all-time high of $2135.4.
  • In the oil space, Brent futures failed to hold on to Friday’s high and price remains below key short-term resistance at $81.45, the Dec 26 high. The outlook is bearish and moving average studies continue to highlight a downtrend. This suggests that the Dec 13 - 26 recovery was a correction. Attention is on $72.67, the Dec 13 low and bear trigger. Clearance of $81.45 is required to reinstate a bullish theme.
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