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Price Signal Summary - Corrective Cycle In Oil Remains In Play

OUTLOOK
  • On the commodity front, Gold traded higher yesterday but quickly pulled back from the session high. The recent breach of the 50-day EMA does highlight a possible developing bullish threat. Key resistance is at $1953.0, the Sep 1 high where a break is required to confirm a bullish theme. On the downside, $1901.1, the Sep 14 low, marks a key near-term support. A breach of this level would strengthen a bearish theme and expose $1884.9, the Aug 21 low.
  • In the oil space, the uptrend in WTI futures remains intact, however, the contract has entered a short-term bearish corrective cycle.The trend condition is overbought and a move lower would allow this to unwind. The first key support to watch lies at $86.25, the 20-day EMA and is a potential short-term objective. On the upside, clearance of Tuesday’s $92.43 high would confirm a resumption of the uptrend and open $94.66, a Fibonacci projection, the 2.236 projection of the Jun 28 - Jul 13 - Jul 17 price swing.
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