Crude Oil - Intraday - We look to Sell at 56.50 (stop at 57.00)
Although an initial rally was posted, sellers emerged and follow through bearish momentum resulted in all the previous day's gains being overturned. Price action has posted a bearish Outside Day and is negative for short-term sentiment. Further selling is expected to follow with the...
Gold - Intraday - We look to Buy at 1418 (stop at 1414)
The rally was sold and the dip bought resulting in little net change yesterday. The overnight dip has been bought into and there is scope for further bullish pressure going into this morning. Intraday dips continue to attract buyers and there is no clear indication that this sequence...
We are looking at Gold this afternoon which is looking setup for a move back towards 1440 area with multiple support levels coming into play.
As we have highlighted with our trading view chart we have two strands of an ascending support line from the 17th which has been tested on 3 occasions leading to higher lows pattern being formed. Off...
15.60 is a major support, while this level is not broken, the Midterm wave will be uptrend.
The RSI bounced from the support #1 at 48 and it prevented price from more losses.
A trough is formed in daily chart at 14.89 on 07/05/2019, so more gains to resistance(s) 16.20, 17.20, 18.10 and more heights is expected.
The dollar was hit dramatically overnight, after comments from NY Federal Reserve President John Williams who hinted that lower rates and more aggressive cuts could come soon. Despite the later NY Fed attempts to temper the remarks, the greenback remained under pressure and trimmed loses only partially.
Against this backdrop, gold prices jumped to six-year highs...