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Price Signal Summary - WTI Gains Appear To Be A Correction

OUTLOOK
  • On the commodity front, despite Friday’s move lower, Gold remains in an uptrend. The yellow metal has breached resistance at $2048.7, the Apr 13 high to confirm a resumption of the broader bull cycle. This maintains the bullish price sequence of higher highs and higher lows and moving average studies are in a bull-mode set-up. The focus is on $2070.4, the Mar 8 high ahead of the all-time high at $2075.5. Key support is 1969.3, the Apr 19 low.
  • In the oil space, WTI futures remain bearish despite the strong recovery from last Thursday’s intraday low of $63.64. The trend condition was oversold last week and the recovery is allowing this to unwind. Initial resistance is at $73.93, the Apr 28 low ahead of $76.92, the Apr 28 high. On the downside, last week’s print below $64.58, the Mar 20 low and a key support, reinforces a bearish theme. A clear break of it would confirm a resumption of the broader downtrend.
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