Commodities looks decent on Friday [Video]
|Today we have a quite unique trading sniper video as we will focus on commodities. The reason for this is that on metals and oil we are in very interesting spots that requires our attention.
First, let’s start with Gold, which after July’s hype is rather in a downtrend. Downtrend that has clearly established support and this support is the 1850 USD/oz. We tested it already in September and in November, twice. The last test was yesterday and it was very positive for the buyers. By very positive I mean that the price bounced from this level and managed to create a hammer on a daily chart. That is promising and as long as we stay above the 1850 USD/oz, we do not have a sell signal.
Now Silver, which in terms of technical situation is in an even better spot than gold as the price is further from the crucial support as we are in the middle of the symmetric triangle pattern. Once the price will break the upper line, we will have a buy signal and breaking the lower line of this formation, will bring us a signal to sell.
Now Brent Oil, which is creating a mid-term buy signal as we speak. In the longer-term , we are in a similar situation like in Silver as we are inside of the symmetric triangle pattern but in the short-term, the price just broke the dynamic resistance, which gives us a buy signal. The first target is on the upper line of the triangle and changes that we will get there are quite significant.
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