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Price Signal Summary - Bounce In Gold Considered Corrective

  • On the commodity front, Gold remains in a downtrend and recent gains are considered corrective. Fresh trend lows last week confirm a resumption of the trend and this opens $1610.5, the 1.00 projection of the Jun 13 - Jul 21 - Aug 10 swing. The next resistance is at $1676.6, the 20-day EMA.
  • In the Oil space, a bearish threat in WTI futures remains present and the recovery from last Monday’s low is considered corrective. First resistance is at $83.31, the 20-day EMA. A clear break would open the 50-day EMA, at $87.26. On the downside, a resumption of weakness would open $76.11, 1.618 projection of the Jul 29 - Aug 16 - 30 price swing.

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