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OUTLOOK: Price Signal Summary - Another Fresh Cycle High In Gold

OUTLOOK
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  • On the commodity front, a bull cycle in {O4} Gold remains in play and the yellow metal has again traded to a fresh cycle high, today. The continued appreciation once again confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on the $2917.5, the 1.764 projection of the Nov 14 - Dec 12 - 19 price swing. The first key support to watch is $2776.3, the 20-day EMA.
  • In the oil space, recent weakness in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention is on support around the 50-day EMA, at $72.20. Price has traded through the average, a clear break of it would suggest scope for a deeper retracement. This would open $68.05, the Dec 20 ‘24 low. On the upside, a clear reversal higher would refocus attention on $79.48, the Apr 12 ‘24 high and a key resistance. Initial resistance is $75.18, the Feb 3 high.
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  • On the commodity front, a bull cycle in {O4} Gold remains in play and the yellow metal has again traded to a fresh cycle high, today. The continued appreciation once again confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on the $2917.5, the 1.764 projection of the Nov 14 - Dec 12 - 19 price swing. The first key support to watch is $2776.3, the 20-day EMA.
  • In the oil space, recent weakness in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention is on support around the 50-day EMA, at $72.20. Price has traded through the average, a clear break of it would suggest scope for a deeper retracement. This would open $68.05, the Dec 20 ‘24 low. On the upside, a clear reversal higher would refocus attention on $79.48, the Apr 12 ‘24 high and a key resistance. Initial resistance is $75.18, the Feb 3 high.