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Price Signal Summary - Gold Trend Needle Still Points North

  • On the commodity front, the trend condition in Gold is unchanged and remains bullish. Short-term pullbacks are considered corrective. Recent gains resulted in the break of $1729.2, the Oct 4 high. This has strengthened the current bullish theme and opens $1800.0 and a key resistance at $1807.9, the Aug 10 high. First support lies at $1732.2, the 20-day EMA.
  • In the Oil space, WTI futures are holding on to this week’s gains. Resistance at $79.90, the Nov 25 high, has been pierced. An extension would expose $82.43, the Nov 18 high. The latest bounce is considered corrective - for now. A resumption of weakness would refocus attention on Monday’s low of $73.60 where a break would confirm a resumption of bearish activity.

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