Crude Oil Cracks Support, Gold Consolidating Rally

Crude Oil Cracks Support, Gold Consolidating Rally

On Crude Oil

I believe the “freeze” offers support to Crude Oil prices only if Iran and Iraq agree to join, not likely as both plan aggressive increase in output in years ahead.

WTI Crude Oil trades below it MA’s and below 161.8% Fibo mark at 29.65, which is a negative catalyst.

Trading below moving average 20-Day at 29.10 will be a negative factor and would extend the intra-day Bearish action.

A break below 28.10 provesthe strength of the Bearishness and to increase the Bears’ power on ADX.

Support: 28.70-28.10-27.20

Resistance: 29.10-29.65-30.20

Position: Bearish (long term)

On Gold

The Gold chart shows how it re-tested the prior broken resistance at 1195.00 and then inched higher, activating Bullishness again.

Need stability above the 50% Fibo mark at 1219.00-1220.00 to extend the wave and to cancel out the negativity on RSI and ADX.

Bullish today as far as 1178.00 holds and prefer to see Gold stabilizing above 1200.00.

Support: 1195.00 – 1190.00 – 1178.00

Resistance: 1215.00 – 1219.00 – 1236.00

Position: Neutral with Bullish bias

Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a technical trader.

Stay tuned…

Paul Ebeling

West Brook Radio

 

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