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OUTLOOK: Price Signal Summary - WTI Rally Extends

OUTLOOK
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  • On the commodity front, Gold is in consolidation mode. The trend condition is unchanged and bulls remain in the driver’s seat. Recent gains confirm a resumption of the primary uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. The focus is on $2690.2 next, a 2.618 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support lies at $2607.8, the 20-day EMA.
  • In the oil space, WTI futures traded higher Thursday, extending the rally that started on Oct 1. The contract remains firm. Short-term gains appear to be corrective, however, the break of the 50-day EMA suggests potential for an extension near-term. This has exposed $75.20, 61.8% of the Jul 5 - Sep 10 bear leg. A break would open $76.40, the Aug 26 high. On the downside, initial support to watch is $70.15, the 20-day EMA. A clear break of this level would highlight a potential reversal and a resumption of the downtrend.
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  • On the commodity front, Gold is in consolidation mode. The trend condition is unchanged and bulls remain in the driver’s seat. Recent gains confirm a resumption of the primary uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. The focus is on $2690.2 next, a 2.618 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support lies at $2607.8, the 20-day EMA.
  • In the oil space, WTI futures traded higher Thursday, extending the rally that started on Oct 1. The contract remains firm. Short-term gains appear to be corrective, however, the break of the 50-day EMA suggests potential for an extension near-term. This has exposed $75.20, 61.8% of the Jul 5 - Sep 10 bear leg. A break would open $76.40, the Aug 26 high. On the downside, initial support to watch is $70.15, the 20-day EMA. A clear break of this level would highlight a potential reversal and a resumption of the downtrend.