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Price Signal Summary - WTI Resistance Remains Intact

OUTLOOK
  • On the commodity front, recent price activity in Gold has defined key resistance at $2065.5, the Feb 1 high, and key support at $1984.3, the Feb 14 low. Both levels represent important short-term directional triggers. A clear break of the Feb 1 high would highlight a short-term reversal and open $2088.5, the Dec 28 high. For bears, clearance of $1984.3 would expose an important support and bear trigger at $1973.2, the Dec 13 low.
  • In the oil space, recent gains in WTI futures still appear corrective at these levels and key short-term resistance at $79.09, the Jan 29 high, remains intact. Clearance of this level would alter the picture and highlight a bullish development. A break would open $81.70, 76.4% of the Sep 19 - Dec 13 bear cycle. Support to watch lies at $71.49, the Feb 5 low. A breach of this level would reinstate the recent bearish theme and pave the way for a move towards $69.79, the Jan 3 low. Initial support lies at $75.56, the 50-day EMA.
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