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Price Signal Summary - WTI Support Remains Intact

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish and the latest pullback is likely a correction. The yellow metal last week traded above $2135.4, the Dec 4 high, to deliver a fresh all-time cycle high. The break reinforces bullish conditions and signals scope for $2206.6 next, a 1.382 projection of the Oct 6 - 27 - Nov 13 price swing. Short-term conditions are overbought, a deeper retracement would allow this condition to unwind. Firm support is at $2095.2, the 20-day EMA.
  • In the oil space, the WTI futures trend condition remains bullish and the latest pullback appears to be a correction. The recent breach of key resistance at $79.09, the Jan 29 high, reinforces a bullish theme. The clear break highlights potential for a continuation towards $81.70, 76.4% of the Sep 19 - Dec 13 bear cycle. Support to watch is $76.61, the 50-day EMA. A break of this average would instead signal a possible top.

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