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The medium-term trend condition in WTI futures remains bullish and the recent move lower still appears to be a correction. However, the contract has breached support at $80.20, the Oct 6 low. The break highlights a stronger short-term reversal. A continuation lower would pave the way for a move towards $77.03, the Aug 24 low. On the upside, a break of resistance at $85.90, the Oct 27 high, is required to reinstate a bullish theme. The trend condition in Gold is unchanged - the uptrend remains intact and the latest pullback appears to be a correction. Price has recently breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. The continuation higher strengthens a bullish theme and opens $2022.20 next, May 15 high. Initial firm pivot support lies at $1935.3, the 50-day EMA. Clearance of this level is required to signal a short-term top.


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The medium-term trend condition in WTI futures remains bullish and the recent move lower still appears to be a correction. However, the contract has breached support at $80.20, the Oct 6 low. The break highlights a stronger short-term reversal. A continuation lower would pave the way for a move towards $77.03, the Aug 24 low. On the upside, a break of resistance at $85.90, the Oct 27 high, is required to reinstate a bullish theme. The trend condition in Gold is unchanged - the uptrend remains intact and the latest pullback appears to be a correction. Price has recently breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. The continuation higher strengthens a bullish theme and opens $2022.20 next, May 15 high. Initial firm pivot support lies at $1935.3, the 50-day EMA. Clearance of this level is required to signal a short-term top.


Keep reading... Show less