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Price Signal Summary - Correction In Oil Extends

OUTLOOK
  • On the commodity front, the trend outlook in Gold remains bearish, however, a short-term correction has resulted in a recovery this week. The yellow metal is through resistance at the 20-day EMA and attention turns to the 50-day EMA, at $1932.0. A clear break of this average would strengthen the current bull cycle. For bears, moving average studies continue to highlight a dominant downtrend. Key support and the bear trigger has been defined at $1884.9, the Aug 21 low.
  • In the oil space, the uptrend in WTI futures remains intact, however, a corrective cycle is in play for now. Yesterday’s move lower resulted in a print below support at $78.33, the Aug 3 low. A clear break of this level would highlight a stronger bear cycle and pave the way for a deeper retracement. Note that a key support lies at the 50-day EMA, which intersects at $77.42. Initial resistance to watch is $81.75, a break would be a bullish development.
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