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Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, short-term trend conditions in Gold remain bullish and the latest pullback is considered corrective. Recent gains resulted in the break of $1729.5, the Oct 4 high. This strengthens the current bullish theme and opens $1800.0 and a key resistance at $1807.9, Aug 10 high. Initial firm support is seen at $1702.3, the Nov 9 low.
  • In the Oil space, WTI futures traded sharply lower last week, reinforcing bearish conditions. Attention is on the next key support at $74.96, the Sep 28 low and a bear trigger. Initial resistance is seen at $82.43, Friday’s high.

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