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Price Signal Summary - Gold Pierces Key Support

OUTLOOK
  • On the commodity front, Gold remains bearish and the yellow metal has traded lower today. Price has pierced key support at $1893.1, the Jun 29 low. A clear break of this level would strengthen bearish conditions and signal scope for $1885.8, the Mar 15 low ahead of $1871.6, the Mar 13 low. Moving average studies remain in bear mode condition, highlighting current sentiment. On the upside, initial firm resistance to watch is $1939.6, the 50-day EMA.
  • In the oil space, the uptrend in WTI futures remains intact and the latest pullback appears to be a correction. Initial firm support lies at $78.69, the Aug 3 low. A clear break of this level would signal scope for a deeper short-term retracement. For bulls, a resumption of gains would refocus attention on the next objective at $87.43, the 1.382 projection of the Jun 28 - Jul 13 - Jul 17 price swing. Moving average studies are in bull-mode condition highlighting an uptrend.

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