January 31, 2023 11:33 GMT
Price Signal Summary - WTI Bear Cycle In Play As Price Heads South
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- On the commodity front, the trend condition in Gold remains bullish, however, a short-term corrective cycle has resulted in a pullback from recent highs. Support to watch lies at $1899.5, the 20-day EMA. A break of this average would signal scope for a deeper pullback, potentially towards the 50-day EMA, at $1842.7. Key short-term resistance has been defined at $1949.2, the Jan 26 high. A breach would resume the primary uptrend.
- In the Oil space, WTI futures traded sharply lower Monday and in the process breached support at $78.45, the Jan 19 low. The move lower undermines the recent bull theme and a continuation (price is lower today) would signal potential for an extension towards $72.74, the Jan 5 low. On the upside, the bull trigger has been defined at $82.66, the Jan 18 high. A break of this level is required to reinstate the recent bullish theme.