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Price Signal Summary - Trend Needle In Oil Futures Points North

OUTLOOK
  • On the commodity front, Gold has traded higher but price remains inside a range - for now. A bear threat is present and the sell-off on Jun 7 reinforced a S/T bearish theme. Price has pierced the 50-day EMA, at 2322.2. A clear break of this average would confirm a resumption of the reversal from May 20 and open $2277.4, May 3 low. Initial firm resistance is $2387.8, Jun 7 high. A clear break would be a bullish development. Key resistance is at $2450.1, the May 20 high.
  • In the oil space, a bull cycle in WTI futures remains in play and the contract is holding on to its recent gains. The recent breach of $80.11, the May 29 high and a key resistance, strengthened a bullish theme. Note too that $82.24, 76.4% of the Apr 12 - Jun 4 bear leg, has been cleared. Moving average studies are in a bull-mode set-up too. Sights are on $85.27, the Apr 12 high and a bull trigger. Initial firm support to watch is $79.37, the 50-day EMA.
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