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Price Signal Summary - Oil Futures Remain Soft

OUTLOOK
  • On the commodity front, the recent uptrend in Gold remains intact and the latest pullback appears to be a correction - for now. Price has recently breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. This strengthens a bullish theme and a resumption of gains would open $2022.20 next, May 15 high. Initial firm pivot support lies at $1937.2, the 50-day EMA. Clearance of this level is required to signal a short-term top.
  • In the oil space, a bearish theme in WTI futures remains in play and the contract has traded sharply lower this week. The move down has resulted in a break of support at $80.20, the Oct 6 low. The breach highlights a stronger short-term reversal and a continuation lower would pave the way for a move towards $74.26 next, 76.4% retracement of the May 4 - Sep 28 bull run. Clearance of this level would open $73.12, the Jul 17 low. Initial firm resistance has been defined at $83.60, the Nov 3 high.
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