Last chance for Gold and Oil
- Last three weeks for the commodities are terrible. Most of them were loosing ground and it looks like the situation in the long-term is set – we should see a further decline.
- WTI made new yearly lows and attacked the minimums from the November 2016. That is where we finally found a demand and currently the price is creating a nice hammer. In the theory it is a good chance for a reversal or at least for a small bullish correction. The chances for a correction will rise if buyers will manage to close the day above the 45.5 USD/bbl support.
- DAX is showing a huge strength. They managed to break the upper line of the channel up formation , which happens only during strong trends. No bearish signals whatsoever and the bullish party goes on.
- Now or never for the buyers on gold. After breaking the up trendline, price is defending on the last important support created by the 38,3% Fibonacci and the correction equality pattern (green). First reaction here is bullish but is it enough to stop the three weeks downfall?