1328 is an important resistance XAUUSD has to overcome. Above this level, potential to hit maybe $1600 by end of this year and then $1900 by next year.
Gold miners Barrick Gold and H-share Zijin Mining are at or near prominent support levels. Critical question: Has their current week-week downtrend ended yet?
Natural Gas head and shoulders reversal chart pattern is still intact despite failed rally last week. After that wash out move, real effective resistance is revealed. Am looking for move to neckline.
Natural Gas printed a level in 2015. Price action says it’s resistance in 2016. Everyone sees a bearish chart pattern. It fits our resistance perfectly in 2017. This one is waiting for signal to go.
If WTI bulls are lucky, WTI ‘rallies’ one more time to test former resistance/support at 51.40. If not, we should be inspecting price action at trend line soon.
There is a distinct bearish divergence between XLE (Energy Select Sector SPDR ETF) and WTI. XLE has completely reversed it’s post-Trump election gains and is now in the red.
An illustration why knee jerk trading response to headlines is wrong with two pieces of reporting on crude oil production.