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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 is trading below trendline support drawn from the Nov 3 2022 low - the trendline intersects at $1966.8. The break of this line reinforces bearish conditions and marks a resumption of the downtrend. The focus is on $1903.5, 61.8% of the Feb 28 - May 4 bull cycle. Initial firm resistance is $1985.3, the May 24 high. Clearance of this resistance would signal a short-term reversal instead.
  • In the oil space, WTI futures continue to trade below resistance at $75.06, the Jun 5 high and the outlook remains bearish, despite the latest recovery. The pullback from $75.06 reinforces a bearish theme. Support at $67.03, May 31 low, has been pierced, a clear break would open $63.90, May 4 low. On the upside, a break of $75.06 is required to signal a reversal. Short-term gains are considered corrective.
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Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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