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Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, short-term trend conditions in Gold remain bullish. Recent gains resulted in the break of a number of important resistance points. The yellow metal has cleared $1729.5, the Oct 4 high. This strengthens the current bullish theme and opens the $1800.0 handle and a key resistance at $1807.9, Aug 10 high. On the downside, initial firm support is seen at $1702.3, the Nov 9 low. A pullback would be considered corrective.
  • In the Oil space, WTI futures traded sharply lower Thursday, reinforcing bearish conditions. Attention is on the next key support at $81.30, the Oct 18 low and a bear trigger. It has been pierced, a clear break would strengthen the bearish theme and open $79.96, a Fibonacci retracement. Further out, this would also signal scope for weakness towards $75.70, the Sep 26 low. Initial resistance is seen at $86.80, the 50-day EMA.

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