March 17, 2023 10:35 GMT
Price Signal Summary - Short-Term Gains In Oil Futures Considered Corrective
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- On the commodity front, Gold remains bullish and the metal is trading at its recent highs. Resistance at $1858.3, the Mar 6 high, has recently been cleared and the latest rally signals scope for an extension towards $1959.7, the Feb 2 high and a key near-term resistance. On the downside, initial firm support is seen at $1854.6, the 50-day EMA. A break of this level is required to signal a top - this would expose the bear trigger at $1804.9, the Feb 28 low.
- In the Oil space, WTI futures remain vulnerable and short-term gains are considered corrective. Wednesday’s move lower resulted in the break of key support at $70.86, the Dec 9 low. The breach confirms a resumption of the medium-term downtrend and reinforces current bearish conditions. Note too that price has cleared the psychological $70.00 handle. Attention is on $65.60, the Dec 3 2021 low (cont). Initial firm resistance is at $72.56, Wednesday’s high.