Last chance for Gold and Oil

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Updated: May 5, 2017, 13:48 GMT+00:00

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

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?

About the Author

Tomasz Wiśniewskicontributor

During his career, Tomasz has held over 400 webinars, live seminars and lectures across Poland. He is also an academic lecturer at Kozminski University. In his previous work, Tomasz initiated live trading programs, where he traded on real accounts, showing his transactions, providing signals and special webinars for his clients.

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