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Price Signal Summary - Primary Uptrend In Gold Remains Intact

OUTLOOK
  • On the commodity front, Gold is trading below its recent highs but trend conditions remain bullish. The yellow metal has recently breached resistance at $2048.7, the Apr 13 high to confirm a resumption of the broader bull cycle. This maintains the positive price sequence of higher highs and higher lows and moving average studies are in a bull-mode set-up. The focus is on $2070.4, the Mar 8 2022 high ahead of the all-time high at $2075.5 on Aug 2020. Key support is 1969.3, the Apr 19 low.
  • In the oil space, WTI futures have pulled back from recent highs. The recovery that started May 4 is considered corrective and the move higher allowed an oversold trend condition to unwind. Initial resistance is at $73.93, the Apr 28 low ahead of $76.92, the Apr 28 high. On the downside, the recent print below $64.58, the Mar 20 low and a key support, reinforces a bearish theme. A clear break of it would confirm a resumption of the broader downtrend.

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