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Price Signal Summary - WTI Remains Above Support

OUTLOOK
  • On the commodity front, the trend outlook in Gold remains bearish and this week’s gains are considered corrective. The yellow metal has breached key support at $1893.1, the Jun 29 low. The clear break strengthens bearish conditions and signals scope for $1865.8, 76.4% of the Feb 28 - May 4 bull leg. Moving average studies remain in bear mode condition, highlighting current bearish sentiment. On the upside, initial firm resistance to watch is $1934.1, the 50-day EMA. First resistance is $1918.3, the 20-day EMA.
  • In the oil space, the uptrend in WTI futures remains intact and recent weakness appears to be a correction. Firm support to watch lies at $78.33, the Aug 3 low. A clear breach of this level would signal scope for a deeper short-term retracement. For bulls, a resumption of gains would refocus attention on the next objective at $85.24, the 1.236 projection of the Jun 28 - Jul 13 - Jul 17 price swing. Moving average studies are in bull-mode condition that continues to highlight an uptrend.
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