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Price Signal Summary - WTI Trend Outlook Remains Bearish

OUTLOOK
  • On the commodity front, Gold remains in an uptrend and yesterday’s retracement - for now - appears to be a correction. Last week’s gains reinforce a bullish theme and price has breached $1786.5, the Nov 15 high and a bull trigger. $1800.0 has also been cleared and sights are on resistance at $1807.9, Aug 10 high (pierced yesterday). A clear break would be bullish. Initial support is at $1749.4, the 20-day EMA.
  • In the Oil space, WTI sold off sharply Monday, reinforcing a bearish theme. A continuation lower would refocus attention on $73.60, the Nov 28 low, where a break would strengthen the bearish condition and resume the downtrend. Key resistance is at $83.40, the 50-day EMA.

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