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Commodity Analysis Spot Gold and Crude Oil
Time Frame : Daily Charts
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Spot Gold XAUUSD
Spot Gold struggled to kick on higher when global markets were going into meltdown mode and even fell from the strong open Monday to end below the 1686 zone. On a daily basis this was rejection of highs and not a good sign, hence the pullback overnight. Gold has just reacted off the 1640 area and now is at an important crossroads. We expect that the Share markets will rally again in coming days to put pressure back on Gold and safe haven assets. Traders will be expecting stimulus from the bull friendly central banks and the recent major selloff has cleaned out a lot of buyers. Watching for a spike up and then sellers to re-enter the action for a selloff and long squeeze.
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Commodity : Spot Gold XAUUSD
Current Price : 1658
Status : On watch for a further higher lows
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Crude Oil CL
Crude Oil is on the march higher after a 11% rally overnight. Traders are also expecting some stimulus into the oil market in the form of production cuts is Russia and OPEC can some to terms…Russia has already indicated that they are willing to talk it out. As long as the news is somewhat positive; and all central bankers will be pushing for crude to rally; we expect Crude Oil price to be supported and buyers start to look for bargains…at least in the near term. The potential is for a gap close back up to the 41.00 zone.
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Commodity : Crude Oil
Current Price : 35.36
Status : On watch for a further higher lows
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