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Price Signal Summary - WTI Remains Below Resistance - For Now

OUTLOOK
  • On the commodity front, the Dec 13 reversal in {O4} Gold points the end of the recent Dec 4 - 13 corrective pullback and highlights a bullish theme. Moving average studies are in a bull-mode position too, reflecting an uptrend. A continuation higher would signal scope for a climb towards $2073.4. the 61.8%retracement of the Dec 4 - 13 bear leg, ahead of key resistance and the Dec 4 all-time high of $2135.4. Initial firm support lies at $1973.2, the Dec 13 low.
  • In the oil space, bearish conditions in WTI futures remain intact and recent gains still appear to be a correction. Resistance to watch is $75.98, the 50-day EMA. A clear break of this hurdle would strengthen a bullish theme and highlight a stronger reversal. Moving average studies are in a bear-mode position, highlighting a downtrend. The bear trigger lies at $67.98, the Dec 13 low. A break of this level would open $65.24, the May 4 low and a key support.
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