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OUTLOOK: Price Signal Summary - Gold Bull Cycle Remains In Play

OUTLOOK
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  • On the commodity front, Gold is trading higher this week. The yellow metal has breached resistance at 2726.2, the Dec 12 high and a key short-term resistance. The clear break of this hurdle strengthens a bullish theme and signals scope for an extension near-term. Sights are on $2790.1, the Oct 31 all-time high. On the downside, the first key support to watch is $2675.0, the 50-day EMA. The 20-day EMA lies at $2676.1.
  • In the oil space, the trend structure in WTI futures remains bullish despite the latest pullback. The move down is allowing an overbought trend reading to unwind. The latest strong impulsive climb resulted in a breach of $75.91, the Oct 8 high. Attention is on $79.48, the Apr 12 ‘24 high. A clear break of this hurdle would strengthen the bullish theme and open 80.63, a 3.236 projection of the Nov 18 - 22 - Dec 6 price swing. Support to watch is the 20-day EMA, at $74.07.
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  • On the commodity front, Gold is trading higher this week. The yellow metal has breached resistance at 2726.2, the Dec 12 high and a key short-term resistance. The clear break of this hurdle strengthens a bullish theme and signals scope for an extension near-term. Sights are on $2790.1, the Oct 31 all-time high. On the downside, the first key support to watch is $2675.0, the 50-day EMA. The 20-day EMA lies at $2676.1.
  • In the oil space, the trend structure in WTI futures remains bullish despite the latest pullback. The move down is allowing an overbought trend reading to unwind. The latest strong impulsive climb resulted in a breach of $75.91, the Oct 8 high. Attention is on $79.48, the Apr 12 ‘24 high. A clear break of this hurdle would strengthen the bullish theme and open 80.63, a 3.236 projection of the Nov 18 - 22 - Dec 6 price swing. Support to watch is the 20-day EMA, at $74.07.