May 23, 2024 10:47 GMT
Price Signal Summary - WTI Short-Term Trend Structure Remains Bearish
OUTLOOK
- On the commodity front, Gold has pulled back from its recent high. The medium-term trend structure remains bullish and short-term weakness is considered corrective. Monday’s initial gains resulted in a print above resistance at $2431.5, the Apr 12 high and bull trigger. The break reinforces the primary uptrend and paves the way for a climb towards 2452.5 next, the 2.618 projection of the Oct 6 - 27 - Nov 13 price swing. The 50-day EMA, at $2297.2, represents a key support. A clear break of it would be bearish.
- In the oil space WTI futures have pulled back from their most recent highs. A bearish theme remains intact. Price has recently traded below the 50-day EMA, strengthening a bearish set-up that highlights potential for a deeper correction. Scope is seen for a move to $75.64, the Mar 11 low. Key resistance and the bull trigger is at $86.16, the Apr 12 high. Initial firm resistance to watch is $80.11, the May 20 high followed by $83.63, the Apr 26 high.
169 words