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Price Signal Summary - Gold Support Remains Exposed And The Trend Needle Points South

OUTLOOK
  • On the commodity front, the bear cycle in Gold remains intact. The yellow metal breached trendline support last week, drawn from the Nov 3 2022 low. The trendline intersects at $1973.5. The break of this line reinforces a bearish condition and marks a resumption of the downtrend. The focus is on $1903.5, 61.8% of the Feb 28 - May 4 bull cycle. Initial firm resistance is $1985.3, the May 24 high. Clearance of this resistance would signal a short-term reversal instead.
  • In the oil space, WTI futures remain below resistance at $75.70, the Jun 5 high and the outlook is bearish, despite the recent recovery. The pullback from $75.70 reinforces a bearish theme. Support at $67.21, May 31 low, has recently been pierced, a clear break would open $64.41, May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. A break of $75.70 would signal a reversal.
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