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Price Signal Summary - Bounce in Oil Allows An Oversold Trend Reading To Unwind

  • On the commodity front, Gold remains in an uptrend and recent weakness appears to have been a correction. The yellow metal recently breached $1786.5, the Nov 15 high and a bull trigger. Sights are on resistance at $1807.9, Aug 10 high that was pierced on Dec 5. A clear break would be bullish. Initial support is at $1763.7, the 20-day EMA.
  • In the Oil space, WTI trend signals remain bearish, however, the latest recovery highlights the start of a possible corrective cycle. A continuation higher would allow an oversold trend reading to unwind. The next resistance is at $77.74, the 20-day EMA. On the downside, the bear trigger lies at $70.08, the Dec 9 low. A break would resume the downtrend.

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