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Price Signal Summary - Short-Term Bullish Theme In Oil Remains Intact

OUTLOOK
  • On the commodity front, Gold remains in consolidation mode and continues to trade above the Jan 17 low of $2001.9. The recent print below the 50-day EMA and the break of support at $2013.4, the Jan 11 low, has strengthened a bearish threat and a resumption of weakness would open a key level at $1973.2, the Dec 13 low. For bulls, clearance of 2062.3, the Jan 12 high, is required to signal a reversal.
  • In the oil space, WTI futures traded higher last week. The contract has breached resistance at $76.31, the Dec 26 high. The clear break of this hurdle undermines the recent bearish theme and highlights a stronger short-term bullish condition. A continuation higher would open $79.56, the Nov 30 high. On the downside, initial key support lies at $74.55, the 50-day EMA. Monday’s move lower appears - for now - to be a correction.
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