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Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, a short-term bear cycle in Gold remains in play, for now. The medium-term trend structure is bullish and the recent move down appears to be a correction that is allowing an overbought condition to unwind. Moving average studies are in a bull-mode position, highlighting an uptrend. A resumption of gains would open $2452.5 next, the 2.618 projection of the Oct 6 - 27 - Nov 13 price swing. The 50-day EMA, at $2307.0, represents a key support.
  • In the oil space WTI futures have pulled back from Wednesday’s high of 80.62. The trend direction remains down and the latest recovery appears to have been a correction. A continuation lower would signal scope for a move towards $75.64, the Mar 11 low. Initial firm resistance to watch is at $83.63, the Apr 26 high. First resistance is at $80.90, the May 1 high.
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