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Price Signal Summary - Gold Bull Cycle Still In Play

  • On the commodity front, Gold traded sharply higher Friday, clearing both the 20- and 50-day EMAs. The rally strengthens the recent reversal and exposes the next key resistance at $1953.0, the Sep 1 high. Clearance of this level would further strengthen a bullish theme. Note that moving average studies continue to highlight a broader bear trend condition, however, prices would need to trade below Friday's low of $1868.8 to signal a reversal.
  • In the oil space, WTI futures traded higher Friday and the contract is holding on to its recent gains. The latest recovery has highlighted a key support at $81.50, the Oct 6 low. The medium-term trend condition remains bullish and an extension higher would expose the bull trigger at $95.03, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the uptrend. For bears, a move through $81.50, would instead highlight potential for a stronger bear cycle.

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