Over the past five months gold has fallen sharply and is no longer headline news which it once dominated back in 2011 when it was making new highs every day. The shiny metal has been under pressure because traders and investors started to pull some money off the table to lock in gains. Gold prices had surged so fast most advanced traders knew that final high volume surge was not sustainable.
Crude oil rose further to as high as 103.74 last week but failed to sustain above 103.37 resistance and retreated. Initial bias remains neutral this week for some consolidations first. Nonetheless, near term outlook will remain bullish as long as 98.30 minor support holds. We'd expect rise form 74.95 to resume sooner or later. Above 103.74 will target 114.83 key resistance next.
Gold Heading to $2,350 Per Ounce After 4th Wave Consolidation
Gold heading to $2,350 per ounce after 4th wave consolidation
For the past three weeks we have been experiencing a period of broad market consolidation – a time when trading ranges narrow, whipsawing many traders to the sole benefit of their broker. This ‘digestion’ period came after nine straight weeks of gains on the Nasdaq - a logical point at which to pause and view t
We are consolidating in a symmetrical triangle, meaning, we aren't going anywhere for a a few days. This pattern has a 50/50 chance of both breakout of breakdown which is the reason why I'm staying in cash at least for now. Today was interesting however. The materials/industrials sectors displayed strength and formed double bottoms, but hit major resistance at their prior short-term highs.