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Price Signal Summary - WTI Support Remains Intact

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish. Recent cycle highs confirmed an extension of the uptrend and have maintained the price sequence of higher highs and higher lows - the definition of an uptrend. Moving average studies remain in a bull mode position too. The focus is on $1963.0 next, 76.4% of the Mar - Sep 2022 bear leg. Support to watch lies at $1897.0, the 20-day EMA.
  • In the Oil space, WTI futures remain below $82.64, the Jan 23 high. Key short-term resistance is located at $82.66, the Jan 18 high. Clearance of this hurdle would reinstate the recent bullish theme and expose $83.14, the Dec 1 high and $85.33, the 76.4% retracement of the Nov 7 - Dec 9 bear leg. On the downside, the support to watch lies at $78.45, the Jan 19 low. A break would signal a potential reversal and allow for a deeper pullback.

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