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Gold Prints Seventh Consecutive Higher High

COMMODITIES

The pullback in WTI futures early last week continues to highlight a bearish threat. A bearish shooting star candle on Nov 7 was followed by a bearish engulfing candle the following day - a strong bear signal. Yesterday’s move lower reinforces this theme. A continuation lower would open $81.30, Oct 18 low. On the upside, key short-term resistance is at $93.74, Nov 7 high. Gold rallied sharply higher last week and remains bullish this week. Last week’s gains resulted in the break of a number of important resistance points. The yellow metal has cleared $1729.5, the Oct 4 high. This strengthens the current bullish theme and paves the way for an extension towards the $1800.0 handle and resistance at $1807.9, the Aug 10 high. On the downside, initial firm support is seen at $1702.3, the Nov 9 low.


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The pullback in WTI futures early last week continues to highlight a bearish threat. A bearish shooting star candle on Nov 7 was followed by a bearish engulfing candle the following day - a strong bear signal. Yesterday’s move lower reinforces this theme. A continuation lower would open $81.30, Oct 18 low. On the upside, key short-term resistance is at $93.74, Nov 7 high. Gold rallied sharply higher last week and remains bullish this week. Last week’s gains resulted in the break of a number of important resistance points. The yellow metal has cleared $1729.5, the Oct 4 high. This strengthens the current bullish theme and paves the way for an extension towards the $1800.0 handle and resistance at $1807.9, the Aug 10 high. On the downside, initial firm support is seen at $1702.3, the Nov 9 low.


Keep reading...Show less