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Gold Trades Higher Following Putin Comments

COMMODITIES

Gold traded to an intraday high following Putin's announcement of 'partial' mobilization. Technically, however, the commodityremains in a clear downtrend with last Thursday’s bearish extension reinforcing this theme - price has cleared support at $1681.0, the Jul 21 low and this confirms a resumption of the downtrend that started early March. Attention is on $1640.9 next, the Aug 8 2020 low. In the Oil space, the WTI futures outlook is bearish and today’s gains are considered corrective. The recent break of support at $85.37, Aug 16 low, confirmed a resumption of the downtrend that started Jun 8


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Gold traded to an intraday high following Putin's announcement of 'partial' mobilization. Technically, however, the commodityremains in a clear downtrend with last Thursday’s bearish extension reinforcing this theme - price has cleared support at $1681.0, the Jul 21 low and this confirms a resumption of the downtrend that started early March. Attention is on $1640.9 next, the Aug 8 2020 low. In the Oil space, the WTI futures outlook is bearish and today’s gains are considered corrective. The recent break of support at $85.37, Aug 16 low, confirmed a resumption of the downtrend that started Jun 8


Keep reading...Show less