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Price Signal Summary - Gold  Starts The Year On A Bullish Note

OUTLOOK
  • On the commodity front, trend conditions in Gold remain bullish and the yellow metal has started the year on a firm note, clearing resistance and resuming its uptrend. The break higher signals scope for gains towards $1857.6 next, the Jun 16 high and $1896.5, the 61.8% retracement of the Mar - Sep bear leg. Initial firm support is seen at $1795.00, the 20-day EMA.
  • In the Oil space, The short-term trend condition in WTI futures is bullish. Price has traded above both the 20- and 50-day EMA points and this suggests scope for a stronger short-term recovery. The focus is on the next key resistance at $83.27, the Dec 1 high. On the downside, key short-term support has been defined at $76.79, the Dec 29 low where a break would signal a top.

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