Commodities - Energy
Oil Prices Continues to Work Through Trend-Defining Support
Crude Oil (WTI) $74.77 -$0.70 -0.93%
Oil prices are pushing below significant support at a rising trend line established from the lows in February, with the final barrier seen at the bottom of a falling channel set from October’s high at $74.39. A break below this juncture would open the door for a acceleration in what so far has been a fairly gradual slide lower. Stocks and the US Dollar appear central on the fundamental side of things as traders continue to sort out last Friday’s shockingly positive US jobs report.
Commodities - Metals
Gold May See Near-Term Rebound, Risk and US Dollar Trends Key
Gold $1143.30 -$18.10 -1.56%
Gold took out support in the $1195.10 - $1200.50 congestion region and is now testing support at $1137.57, the 11/27 low, with positive RSI divergence hinting that near-term double bottom maybe forming. A bounce will see initial resistance at $1167.10. The data docket is empty, leaving gold to trade the trajectory of risk appetite and the US Dollar for the time being.
Silver $18.14 -$0.37 -2.01%
Silver has been heading lower after last week’s break of resistance-turned-support at $18.86, a prior triple top that had contained prices through November, with bearish momentum guided by a minor falling channel. Prices are now set to test the psychologically significant $18.00 figure, with support below that seen at $17.78. Risk trends and US Dollar flows take top billing on the fundamental side of things.
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