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Price Signal Summary - Bounce In Gold Considered Corrective

OUTLOOK
  • On the commodity front, trend conditions in Gold remain bearish and price is trading below the 50-day EMA, at $1846.8. Recent gains are considered corrective. The break of the 50-day EMA, in mid-February, strengthened the case for bears. Sights are on $1800.0 and $1787.3, the 50.0% retracement of the uptrend between Sep 28 and Feb 2. On the upside, the 50-day EMA marks the first key short-term resistance. A clear breach of it would ease bearish pressure.
  • In the Oil space, WTI futures remain above last week’s lows and key short-term support has been defined at $73.80, the Feb 22 low. Moving average studies are in a bear-mode position and for now, this continues to suggest potential for a continuation lower near-term. A break of the $73.80, would open $72.64, the Feb 6 low. Initial resistance to watch is at $77.92, the 50-day EMA. A clear break of this EMA would be a bullish development.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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