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Price Signal Summary - Gold Clears Trendline Resistance

OUTLOOK
  • On the commodity front, Gold traded sharply higher yesterday and has established a short-term bull cycle. The yellow metal is trading above a trendline resistance, drawn from the Mar 8 high. The trendline intersects at $1697.7. Sights are on the 50-day EMA, at $1713.8, a break would open $1735.1, the Sep 12 high and a key short-term resistance. Initial support is at $1659.7, yesterday’s low.
  • In the Oil space, WTI futures are trading closer to recent highs. The latest move higher has resulted in a print above the 20-day EMA. A continuation higher would expose a key resistance at the 50-day EMA. The average intersects at $87.12, where a break is required to signal scope for a stronger reversal. Initial support is at $79.14, the Sep 30 low. Key support lies at $76.25, the Sep 26 low.
Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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