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Price Signal Summary - WTI Bull Cycle Extends

OUTLOOK
  • On the commodity front, trend conditions in Gold remain bullish and the recent short-term pullback is considered corrective. The breach on Mar 17 of former resistance at $1959.7, Feb 2 high, confirmed a resumption of the bull trend that started late September 2022. The test above $2000.0 opens $2034.0 next, a Fibonacci projection. $1918.3 is seen as a firm support. It is the Mar 17 low and a break is required to signal scope for a deeper pullback.
  • In the Oil space, WTI futures traded sharply higher Monday and the contract is firmer today. Price has breached resistance at the 20-day EMA, at $72.54. The break is a short-term bullish development and a continuation higher would expose the 50-day EMA, at $75.12. This average represents the next key resistance point. On the downside, initial firm support lies at $66.82, the Mar 24 low. A break of this level would be bearish.
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