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Price Signal Summary - Bear Threat In Oil Futures Remains Present

OUTLOOK
  • On the commodity front, the latest pullback in Gold appears to be a correction - for now - and the trend condition is bullish. MA studies are in a bull-mode set-up, highlighting a rising trend. A resumption of gains would open $2022.20, the May 15 high. The bull trigger is at $2009.4, the Oct 27 high. Note that support at the 50-day EMA, at $1938.1, has been pierced. A clear break of this average would undermine the bullish theme and expose $1908.3, the Oct 16 low.
  • In the oil space, a bearish theme in WTI futures remains in play following last week’s sharp sell-off. The recent move down has resulted in a break of support at $80.20, the Oct 6 low. The breach highlights a stronger reversal and a continuation lower would pave the way for a move towards $74.26, 76.4% of the May 4 - Sep 28 bull run. On the upside, initial firm resistance has been defined at $83.60.
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Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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