November 06, 2024 12:07 GMT
OUTLOOK: Price Signal Summary - Corrective Cycle In Gold
OUTLOOK
- On the commodity front, the trend condition in Gold is unchanged, it remains bullish and the latest pullback is considered corrective. Recent gains resulted in a breach of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend. Sights are on the $2800.0 handle next. Price has today breached support around the 20-day EMA. An extension lower would signal scope for a deeper correction, towards 2642.7, the 50-day EMA.
- In the oil space, a bearish theme in WTI futures remains intact and the latest recovery, including this week’s gains, appears to be a correction. A resumption of weakness would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support. For bulls, a clear reversal would instead refocus attention on the key S/T resistance at $77.70, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial resistance is $72.67, the Nov 5 high.
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