Despite the damage to the near-term trend, gold bulls can take heart that the two-day sell-off only brings the price down to where it was a week ago.
The bulls are battling right now to gain firm control of the near-term technical trend.
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The near-term price trend in crude oil futures remains up.
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Tom Pawlicki, precious metals analyst at MFGlobal, said precious metals are expected to keep the mixed-to-lower price trend in the near-term as investors appetite for risk improved.
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Nordvig argues the medium-term trend may be punctuated by economic weakness in the near-term, particularly as second quarter economic indicators are released.
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" The bottom line, they wrote, "is that Netflix has yet to break its near-term or long-term trend lines, " and "until it does we would not consider Netflix to be topping.
Such would suggest the silver market has put in a near-term low and prices can then trend higher.
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Such would suggest the silver market has put in a near-term low and prices can continue to trend higher.
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During the near term, a continuation of this short-covering trend could translate to additional upside for the shares.
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The U.S. dollar bulls still hold the overall near-term technical advantage to suggest the index can continue to trend higher in the near term.
The near term trend remains down, but the market has hit major long-term moving average support and momentum tools hit oversold levels and are trying to turn higher, which is a traditional buy signal.
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Crude oil bulls have gained good upside near-term technical momentum recently, to suggest that a market low is in place and that prices can now trend sideways to higher.
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The ETF's 10-week trend line resides in the 40 region and could help to buoy the sector during the near term.
Crude oil bulls have gained upside near-term technical momentum recently, to suggest that a market low is in place and that prices can continue to trend higher.
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"We expect the choppiness in the data to persist in the near term, but look for the broader underlying trend in both the quarterly national index and the monthly composite-20 index to remain positive, " Chen says.
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