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Price Signal Summary - WTI Bear Threat Remains Present

OUTLOOK
  • On the commodity front, the bear cycle in Gold remains intact. The yellow metal traded lower earlier before, before recovering from today’s session low. Price has pierced a key level at $1938.0, trendline support drawn from Nov 3 2022. A clear breach of this trendline would reinforce bearish conditions and pave the way for a move towards $1903.5, 61.8% retracement of the Feb 28 - May 4 bull cycle. Initial firm resistance is $1985.3, the May 24 high. A break of this level is required to signal a short-term reversal.
  • In the oil space, the latest pullback in WTI futures means that - for now - the contract has failed to overcome resistance at the 50-day EMA, which intersects at $74.24. Recent short-term gains are considered corrective, however, a clear breach of the 50-day EMA would highlight a stronger bullish theme and expose $76.74, the Apr 28 high. Support to watch lies at $69.39, the May 15 low. A break would be bearish.
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