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Price Signal Summary - WTI Gains Considered Corrective

OUTLOOK
  • On the commodity front, the bear cycle in Gold remains intact. The yellow metal continues to challenge trendline support drawn from the Nov 3 2022 low. The trendline intersects at $1962.6. A clear breach of this line would reinforce bearish conditions and resume the downtrend. This would open $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 are trading higher today. Short-term gains are considered corrective and a bearish threat remains present. The recent pullback from resistance at $75.06, the Jun 5 high, reinforces a bearish theme and Monday’s sell-off reinforces this condition. Support at $67.03, May 31 low, has been pierced, a clear break would open $63.90, the May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. A break of resistance at $75.06 is required to signal a reversal. Initial resistance is at $71.12, the 20-day EMA.
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