XAUUSD is coming ever closer to a bullish reversal and a new high that gold bulls are betting on. Technical indications observed here.
This is my analysis. Call it objective analysis or wishful guess but I see WTI reach 107 by end of 2018. That’s because we ran out of levels for the last 3 years but the next highest turning point in 2014 is around 107!
How much a slight different in girth and angle of rise can make to one’s perception. No matter how I look left and right, I am definitely bearish of XAGUSD but wavering between bullish and don’t know for XAUSGD. Both pairs are now sitting on support.
Current down trend on daily time frame converges with an up trend on the weekly. Short term speculators are running into fund managers looking at a longer horizon. Two big candles yesterday and the day before are signs of contest. This is the trading proposition for WTI right now.
WTI printed new 52-week high this year, new high in 3.5 years so it could justify a long continuation trade despite its current correction. In this post, 3 charts of WTI with 3 potential support zones for WTI bulls.