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Price Signal Summary - Gold Has Cleared Trendline Resistance

OUTLOOK
  • On the commodity front, Gold has traded higher this week. The rally has resulted in a break of the 20-day EMA. Note that the yellow metal has cleared a trendline resistance drawn from the Mar 8 high. Sights are on $1735.1, the Sep 12 high and a key short-term resistance. Initial support is at $1695.2, the former trendline resistance-now-support. Today’s pullback is considered corrective - for now.
  • In the Oil space, WTI futures are trading closer to recent highs. The latest move higher has resulted in a break above the 20-day EMA. Attention is on the key resistance at the 50-day EMA, which intersects at $87.09. A break is required to signal scope for a stronger reversal. This would open the $90.00 handle. Initial firm support is at $79.14, the Sep 30 low.

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