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Price Signal Summary - Golds Remains In A Corrective Cycle

OUTLOOK
  • On the commodity front, Gold remains in a downtrend and short-term gains are considered corrective. Fresh trend lows this week confirm a resumption of the trend and this opens $1610.5, the 1.00 projection of the Jun 13 - Jul 21 - Aug 10 swing. The next resistance is at $1678.3, the 20-day EMA.
  • In the Oil space, a bearish threat in WTI futures remains present and the recovery from Monday’s low is considered corrective. The recent break of support at $84.25, Jul 14 low, confirmed a resumption of the downtrend that started Jun 8. Attention is on $76.11, 1.618 projection of the Jul 29 - Aug 16 - 30 price swing. First resistance is at $83.72, the 20-day EMA.
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  • On the commodity front, Gold remains in a downtrend and short-term gains are considered corrective. Fresh trend lows this week confirm a resumption of the trend and this opens $1610.5, the 1.00 projection of the Jun 13 - Jul 21 - Aug 10 swing. The next resistance is at $1678.3, the 20-day EMA.
  • In the Oil space, a bearish threat in WTI futures remains present and the recovery from Monday’s low is considered corrective. The recent break of support at $84.25, Jul 14 low, confirmed a resumption of the downtrend that started Jun 8. Attention is on $76.11, 1.618 projection of the Jul 29 - Aug 16 - 30 price swing. First resistance is at $83.72, the 20-day EMA.