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OUTLOOK: Price Signal Summary - Oil Futures Pull Back From Recent Highs

OUTLOOK
  • On the commodity front, bullish trend conditions in Gold remain intact. The recent breach of resistance at $2483.7, the Jul 17 high, confirmed a resumption of the primary uptrend. Note that moving average studies are in a bull-mode set-up and this highlights a dominant uptrend. The focus is on a climb towards $2536.4 next, a 1.50 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Initial support to watch lies at $2472.2, the 20-day EMA.
  • In the oil space, WTI futures have recovered from their recent lows and the contract traded sharply higher Monday. However, price has pulled back from its recent highs and is again trading lower today. A resumption of gains would refocus attention on key resistance at $78.54, the Aug 12 high. Clearance of this level would highlight a stronger bullish reversal. For bears, an extension lower would once again expose the $70.88 key support.

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