–
Gold, Crude Oil and Copper play out to plan as traders go risk on into global share markets. We expect the theme to continue for a while as we have US payrolls Friday night that could give the US share market another lift into new all time highs. Expect Spot Gold to extend the move lower as the squeeze on the buyers continue and a lift in Crude oil and Copper as demand concerns due to China’s virus worries eases. Links for the updated charts below. Watching Copper and Oil stocks for entry setups – that may take some time due to a hit on confidence – to play out.
–
Updated Crude Oil Chart
Updated Spot Gold Chart
Updated Copper Chart
–
Alert History
Previous Alert 4/02/20
There have been three markets that have seen increased volatility, two especially, as the concern for a spread of the virus grips traders. Crude Oil and Copper have been beaten down to support on any headlines that the virus is spreading triggering concerns for demand from China. Gold has also found some solid safe haven bids as the share markets came under pressure. Even though we are not out of the woods yet, crude oil and copper are primed for a short squeeze higher while the gold safe haven bid may be faltering. Links for the three charts are below.
We expect that any change in tide for the three markets will give support for a continued bounce into the share market.
–
Click Here for Gold Hourly Chart
Click Here for Crude Oil Daily Chart
Click Here for Copper Daily Chart
