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Price Signal Summary - Resistance In WTI Remains Intact, For Now

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish and this week’s strong rally reinforces this set-up. The yellow metal has traded through resistance at $2009.4, the Nov 7 high. The clear break of this hurdle has confirmed a resumption of the uptrend and signals scope for an extension towards 2063.0, the May 4 high and a key resistance. Note the all-time high at $2070.4 (Mar 8 ‘22). Initial firm support is at $1989.5, the 20-day EMA.
  • In the oil space, the trend outlook in WTI futures is unchanged and remains bearish. However, a corrective cycle is in play and the contract has traded higher this week. Resistance to watch is at $79.65, the Nov 14 high. A breach would strengthen a bullish theme and open $83.20, the Nov 3 high. On the downside, the bear trigger lies at $72.37, the Nov 16 low. Clearance of this level would resume the downtrend.

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