Gold price made two (2) important crossovers: Moved into the Ichimoku Clouds (@30min) and touched the support level of 1,887. There is a clear compression in the price with repetitive higher lows suggesting an uptrend support.
Weakening in the short-term, stronger in the long-run.
In the scenario of a lower crude oil inventory and Opec and Russian Crude Oil Export cuts, we identify a trading opportunity for a long-term position. Brent crude oil could move back to the moving average levels of $53/bl to then reassume a bullish pattern.
The crude oil market continues oversupplied just ...