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Price Signal Summary - Gold Is Trading Above Support And The Uptrend Remains Intact

OUTLOOK
  • On the commodity front, trend conditions in Gold remain bullish and the recent short-term pullback is considered corrective. The breach on Mar 17 of former resistance at $1959.7, Feb 2 high, confirmed a resumption of the bull trend that started late September 2022. The test above $2000.0 opens $2034.0 next, the 2.00 projection of the Sep 28 - Oct 4 rally from Feb 28. $1918.3 is seen as a firm support. It is the Mar 17 low and a break would signal scope for a deeper pullback.
  • In the Oil space, WTI futures remain in a downtrend and last week’s recovery appears to be a correction. Note that the latest move higher has allowed a recent oversold condition to unwind. Firm resistance is seen at $72.51 the 20-day EMA. Recent weakness confirmed a resumption of the broader downtrend and has paved the way for a move towards $62.43, the Dec 2 2021 low (cont). The bear trigger is $64.36, the Mar 20 low.

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