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Price Signal Summary - Gold Remains Firm As It Approaches Its All-Time High

OUTLOOK
  • On the commodity front, Gold traded sharply higher Friday, extending the recovery that started Feb 14. The yellow metal has also started this week on a firm note and price is firmer. Resistance at $2065.5, Feb 1 high, has been cleared. Note too that Gold has also cleared $2088.5, the Dec 28 high, and $2097.1, 76.4% of the Dec 4 - 13 bear leg. Sights are on 2135.4, the Dec 4 all-time high. Initial firm support to watch lies at $2029.2, the 50-day EMA.
  • In the oil space, WTI futures traded higher last week and in the process, the contract delivered a print above key resistance at $79.09, the Jan 29 high. The clear breach of this hurdle strengthens a bullish theme and highlights potential for a continuation towards $81.70, 76.4% of the Sep 19 - Dec 13 bear cycle. On the downside, support to watch is $76.16, the 50-day EMA. A break would instead signal a possible top. The latest pullback is considered corrective.

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