This is one of the sector which has been going up pretty fast since the March low. It perfectly back tested the trend line as well as previous all time high from June 2018 perfectly and moving lower. Risk to reward seems pretty attractive.
GOLD edged higher on the last trading day of the week and jumped back above $1290 and 1294 level, just above over one-week tops set in the previous session.
Gold H4 200 ma moving average is 1290.95 area breakout and stable this level touch 1296 level. and H4 100 ma moving average area 1285.40 level so stable 100 ma gold touch 1290 area.
Gold Day 100 ma moving...
OPEC proved it is not going to let oil prices plummet again, 618 retracement completed!
RSI together with MACD and Structure analysis suggests a similar technical story. Fibonacci levels and Previous Strucutre will not let OIL go below 46.
New highest for the year in December? Why not!?
The dynamic support, has arisen from the lows reached by the prices in March, sees right now testing its trendline.
Although it seems to have been a breakout, it is important to follow developments in this area.
The intersection of both levels should prompt us to monitor the market with extreme attention, precisely because of this area could have important...
Today oil gave up all its gains from yesterday, which is a key signal that more pain is coming (albeit short term). I see two sets of bearish RSI divergence points after today (one longer term and the other short). All signs are here for a clean short swing in oil. I will be starting a short position tomorrow (unless of a massive drop overnight), and will set my...
Just like Goldman Sachs adviced, BUY GOLD.
It hit lots of strong supports, as seen on the graph, and there is past structure that makes it hard to break that support and continue its downward movement from the past several sessions. Fib 0.6 and Over-sold market help as well.
Technical
H&S Pattern in Oil.
Fundamental
US Gov't spending will exceed 2009 levels, Deficit spending from last year has increased from 2.3% to 2.9%.
Dollar will weaken, oil heading higher.
Crude oil to carry on rallying to eliminate previous highs and aim toward 51 - 60, Prices remain more than 20 percent higher than a six-week low hit earlier in August
USOIL has been seeing incredible strength after its 26.01 lows earlier this year. It does not show much sign of slowing down and thus it is important to identify possible positions of resistance to its long trend.
From the chart I have illustrated 3 levels which are likely to prove some strong resistance. The thicker the line the strong the resistance at each...
Continuation of the current short-term bullish trend
Wait for the interaction and bounce off the bottom trend line and BUY that up!
Safe and successful trading.
Crude is reaching important Fibonacci projections, at important graphical support. USDCAD near key resistance around 1.4250 while copper is at important monthly support on trendline linking the lows near $1.95/$2.00.
The whole commodity complex seems due for at least an important rebound, at least the risk/reward is starting to be interesting.
