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Price Signal Summary - Gold Trend Needle Continues To Point North

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish and the yellow metal has started the week on a bullish note. This maintains the price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode condition, reflecting positive market sentiment. The $2300.0 handle has been pierced. The next objective is $2376.5, the 2.236 projection of the Oct 6 - 27 - Nov 13 price swing. Initial firm support is at $2210.1, 20-day EMA.
  • In the oil space, a bull theme in WTI futures remains intact and last week’s rally reinforces current conditions, confirming a resumption of the uptrend. The contract has traded through $84.87, the Sep 15 ‘23 high, paving the way for a climb towards the $90.00 handle further out. The next objective is $89.08, the 2.00 projection of the Jan 3 - 29 - Feb 5 price swing. On the downside, initial firm support to watch lies at $82.42, the 20-day EMA.

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