Alessio Rastani from Leading Trader, quotes that the commodities might be closer to a bottom, as he joins today’s Tip TV Finance Show, to discuss Commodities and why there exists opportunity in Gold and Oil stocks. Interviewd by Zak Mir, Technical Analyst at Zak’s Traders Café, and Nick Batsford, CEO at Tip TV.
Closer to a bottom in Gold and commodities
Rastani highlights a chart showing the prices of commodities doing back to 1960’s and compares it with the no of days the prices have tread below the 200DMA, and infers that given previous history of a rebound, we might be closer to a bottom in commodities now than we were before.
Rastani believes that this bottoming in Gold and commodities suggests there lies opportunity in gold and oil related stocks.
Smart money buying Gold
Rastani quotes the COT reports and says that the smart money is seen getting back into investing in Gold, and further adds that we might see a bounce in Gold prices pretty soon. When compared to historic basis (from the Gold and 200 DMA price movement comparison chart), there is usually a few weeks of delay before we would see the bottom, adds Rastani.
On the trade setup, Rastani says that Gold prices are in extremely oversold territory and if the precious metal closes above $1100 area, we could see a bounce towards $1130-$1140 levels.
We are not authorised by the Financial Conduct Authority of England and Wales. The information and/or data on this website is provided by us and any data providers which may be used by us for your general information and use only and is not intended for trading purposes or to address your particular financial or other requirements. In particular, the information and/or data on the website:
(1) does not constitute any form of advice (financial, investment, tax, medical, legal, spread -betting or otherwise); and (2) does not constitute any inducement, invitation or recommendation relating to any of the products listed or referred to; and (3) is not intended to be relied upon by you in making (or refraining to make) any specific investment, placing any bet or making any other decision; and (4) has not been issued or approved by Tip TV for the purposes of section 21 of the Financial Services and Markets Act 2000 (as amended from time to time).
Opinions expressed by speakers in the videos, writers of the blogs are only opinions and not expert advice. These opinions do not necessarily agree with those held by Tip TV, its directors, agents or employees who disclaim any intent to make betting, securities or securities markets recommendations. The value of investments and the income derived from them may fall as well as rise. APPROPRIATE EXPERT INDEPENDENT ADVICE SHOULD BE OBTAINED BEFORE MAKING ANY INVESTMENT, PLACING ANY BET OR MAKING ANY OTHER DECISIONS.
Recommended Content
Editors’ Picks
AUD/USD retargets the 0.6600 barrier and above
AUD/USD extended its positive streak for the sixth session in a row at the beginning of the week, managing to retest the transitory 100-day SMA near 0.6580 on the back of the solid performance of the commodity complex.
EUR/USD keeps the bullish bias above 1.0700
EUR/USD rapidly set aside Friday’s decline and regained strong upside traction in response to the marked retracement in the Greenback following the still-unconfirmed FX intervention by the Japanese MoF.
Gold advances for a third consecutive day
Gold fluctuates in a relatively tight channel above $2,330 on Monday. The benchmark 10-year US Treasury bond yield corrects lower and helps XAU/USD limit its losses ahead of this week's key Fed policy meeting.
Bitcoin price dips to $62K range despite growing international BTC validation via spot ETFs
Bitcoin (BTC) price closed down for four weeks in a row, based on the weekly chart, and could be on track for another red candle this week. The last time it did this was in the middle of the bear market when it fell by 42% within a span of nine weeks.
Japan intervention: Will it work?
Dear Japan Intervenes in the Yen for the first time since November 2022 Will it work? Have we seen a top in USDJPY? Let's go through the charts.