January 19, 2023 11:23 GMT
Price Signal Summary - WTI Pullback Exposes The 20-Day EMA
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- On the commodity front, the trend condition in Gold remains bullish. Recent cycle highs confirm an extension of the current uptrend and maintain the positive price sequence of higher highs and higher lows. The focus is on $1934.4 next, the Apr 25, 2022 high. Support to watch lies at $1860.5, the 20-day EMA.
- In the Oil space, WTI futures traded higher yesterday but price has reversed lower from the $82.38 session high. Attention is on support at $77.47, the 20-day EMA. A break of this average would highlight a stronger bear threat and expose support at $72.46, the Jan 5 low. On the upside, key short-term resistance has been defined at $82.38 where a break would reinstate the recent bullish theme.