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Price Signal Summary - Pullback In WTI Considered Corrective

  • On the commodity front, the trend condition in Gold remains bullish and the yellow metal traded to a fresh cycle high yesterday. This confirms an extension of the uptrend and maintains the price sequence of higher highs and higher lows. Moving average studies remain in a bull mode position - reflecting the uptrend. The focus is on $1963.0 next, 76.4% of the Mar - Sep 2022 bear leg. Support to watch lies at $1884.1, the 20-day EMA.
  • In the Oil space, WTI futures have pulled back from their recent highs. Key short-term resistance is located at $82.66, the Jan 18 high. Clearance of this hurdle would reinstate the recent bullish theme and expose $83.14, the Dec 1 high and $85.33, a Fibonacci retracement. On the downside, the support to watch lies at $78.45, the Jan 19 low. A break of this level would signal a potential reversal.

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