Emkay Global Financial Services has come out with its report on Crude, Gold.
Gold: The yellow metal has rallied smartly into fresh new high (1920) as anticipated, though the setups looks like a double top, we believe that 1774 remains the crucial confirmation for downsides if any, we are hence trailing our stop profits orders to 1774. We though continue to believe that upsides still could be pending and maintain targets of 2000 as long as 1774 is not violated.
Crude Oil: Crude oil confirms with the setups on DXY as prices trade near multi month resistance lines, a bearish continuation triangular setup too remains visible. We believe that the WTI would find difficult to go past the 90-92 mark and should correct back towards trendline supports (dashed blue) around 78-80 levels.
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