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Price Signal Summary - Gold Trend Needle Points North

OUTLOOK
  • On the commodity front, short-term trend conditions in Gold are bullish and the latest pullback is considered corrective. Recent gains resulted in the break of $1729.5, the Oct 4 high. This has strengthened the current bullish theme and opens $1800.0 and a key resistance at $1807.9, Aug 10 high. Firm support is seen at $1702.3, the Nov 9 low. First support lies at $1723.4, the 20-day EMA.
  • In the Oil space, WTI futures traded lower Wednesday. The outlook remains bearish following recent weakness and an extension of the reversal from $92.53, Nov 7 high. Support at $80.49, Oct 18 low and a bear trigger, was cleared on Nov 18. $79.11, 76.4% of the Sep 28 - Nov 7 bull phase has also been breached. Attention is on $74.96, the Sep 28 low and the next key support. Initial firm resistance is seen at $84.92, the 50-day EMA.
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  • On the commodity front, short-term trend conditions in Gold are bullish and the latest pullback is considered corrective. Recent gains resulted in the break of $1729.5, the Oct 4 high. This has strengthened the current bullish theme and opens $1800.0 and a key resistance at $1807.9, Aug 10 high. Firm support is seen at $1702.3, the Nov 9 low. First support lies at $1723.4, the 20-day EMA.
  • In the Oil space, WTI futures traded lower Wednesday. The outlook remains bearish following recent weakness and an extension of the reversal from $92.53, Nov 7 high. Support at $80.49, Oct 18 low and a bear trigger, was cleared on Nov 18. $79.11, 76.4% of the Sep 28 - Nov 7 bull phase has also been breached. Attention is on $74.96, the Sep 28 low and the next key support. Initial firm resistance is seen at $84.92, the 50-day EMA.