Commodities Finish This Week With a Buy SignalToday we will focus on commodities. The reason for this is that on metals and oil we are in very interesting spots that requires our attention.
Today we have a quite unique trading sniper video as we will focus on commodities. The reason for this is that on metals and oil we are in very interesting spots that requires our attention.
First, let’s start with Gold, which after July’s hype is rather in a downtrend. Downtrend that has clearly established support and this support is the 1850 USD/oz. We tested it already in September and in November, twice. The last test was yesterday and it was very positive for the buyers. By very positive I mean that the price bounced from this level and managed to create a hammer on a daily chart. That is promising and as long as we stay above the 1850 USD/oz, we do not have a sell signal.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Now Silver, which in terms of technical situation is in an even better spot than gold as the price is further from the crucial support as we are in the middle of the symmetric triangle pattern. Once the price will break the upper line, we will have a buy signal and breaking the lower line of this formation, will bring us a signal to sell.
Now Brent Oil, which is creating a mid-term buy signal as we speak. In the longer-term , we are in a similar situation like in Silver as we are inside of the symmetric triangle pattern but in the short-term, the price just broke the dynamic resistance, which gives us a buy signal. The first target is on the upper line of the triangle and changes that we will get there are quite significant.
For a look at all of today’s economic events, check out our economic calendar.