Major Commodities Mixed Despite Stronger USD

In today’s trading sniper, we will focus on commodities, where we do have a lot action going on. We will also make small exemption and instead of three instruments, we will talk about four. End of the week is getting really interesting!

We will start this analysis with the Brent Oil, where we do have a decline after the price broke the lower line of the ascending triangle/wedge pattern. This movement is quite surprising as breakout to the upside was kind of more probable. Nevertheless, as long as we stay below the lower line of the triangle, the sentiment is negative.

Now Gold, which failed to go higher after the bullish breakout from the symmetric triangle. Instead of a bigger rise, the price went lower and is now testing the long-term up trendline. In theory, that is a great place for a bounce but in order to get a proper buy signal, we need to see bullish price action on this support first.

Now Platinum, which made a head and shoulders pattern. The price already broke the neckline and the major up trendline. Is that enough for a sell signal? Well pretty much yes, especially when we will look at the price movements at the beginning of the year, where Platinum dropped sharply after…yes, head and shoulders pattern.

We will finish with the Palladium, where we do have a proper upswing after the price escaped to the upside from the symmetric triangle pattern. Thursday brings us a very handsome upswing, so the buy signal is totally ON.

For a look at all of today’s economic events, check out our economic calendar.