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Price Signal Summary - Gold Bulls Remain In The Driver's Seat

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish. Last Thursday’s break of resistance at $2032.1, Apr 5 high, confirmed a resumption of the current uptrend. The move higher maintains the positive price sequence of higher highs and higher lows and sights are set on the next key resistance at $2070.4, the Mar 8 2022 high. This is just ahead of the all-time high of $2075.5. Key short-term support has been defined at $1981.7, the Apr 10 low.
  • In the oil space, WTI futures remain in a bull cycle. Last week’s gains resulted in a break of resistance at $81.81, the Apr 4 high. This confirmed a resumption of the current uptrend. An important resistance at $83.04, the Jan 23 high, has also been breached. The focus is on $85.01, the Nov 14 high. On the downside, key short-term support is seen at $79.00, the Apr 3 low and the gap high on the daily chart.

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