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Price Signal Summary - Pullback In Gold Is Considered Corrective For Now

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish and the latest pullback is considered corrective. Support to watch is $1982.3, the 20-day EMA. It has been pierced - a clear break would suggest scope for a deeper retracement and expose $1949.7, Apr 3 low. On the upside, the short-term bull trigger has been defined at $2048.7, Apr 13 high. A break would resume the uptrend and open $2070.4, Mar 8 2022 high. This is just ahead of the all-time high of $2075.5.
  • In the oil space, WTI futures remain in a bull cycle. Last week’s gains resulted in a break of resistance at $81.81, the Apr 4 high. This confirmed a resumption of the current uptrend. Note that an important resistance at $83.04, the Jan 23 high, has also been breached. The focus is on $85.01, the Nov 14 high. Key short-term support is seen at $79.00, the Apr 3 low and the gap high on the daily chart.

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