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  • #Gold attempted to rebound from multi-month lows today, climbing as high as $1,760 before hitting resistance and turning back downwards. The precious metal is now trading back around $1,735. $XAU $GLD https://t.co/QgXRBljgWe
  • Equities have managed to start the new month on the front foot as bond yields are taking a breather from their rapid surge over the last few weeks. DAX 30 bulls aim towards the 14,000 mark. Get your #DAX market update from @HathornSabin here:https://t.co/E7CYIM0KQC https://t.co/bnFyQfXLP6
  • ECB President Lagarde: - Pandemic is still heavily weighing on European economies - ECB will do its job to ensure firms and families can access finances needed to weather the storm - They can do so with confidence that financing conditions will not tighten prematurely #ECB $EUR
  • Heads Up:💶 ECB President Lagarde Speech due at 16:10 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-01
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.92% 🇨🇦CAD: 0.66% 🇳🇿NZD: 0.62% 🇯🇵JPY: -0.04% 🇪🇺EUR: -0.25% 🇨🇭CHF: -0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hg9Ce9xspE
  • The FTSE 100 has not been an easy handle lately, a theme that is often the case with this index and its choppy price action. Get your #FTSE market update from @PaulRobinsonFX here:https://t.co/QcIFpL232J https://t.co/nisYpjAFbJ
  • 🇲🇽 Markit Manufacturing PMI (FEB) Actual: 44.2 Previous: 43 https://www.dailyfx.com/economic-calendar#2021-03-01
  • In line with comments from Stournaras last week - ECB should accelerate PEPP purchases - No fundamental justification for a tightening of bond yields at long end - GC Should instruct board at March 11 meeting to fight unwarranted tightening of financing conditions
  • The Dollar is really trying again to spark a meaningful reversal yet again, but the market seems to have hardened its skepticism. I'll be watching this $EURUSD support (100SMA and trendline) closely these next 48 hours https://t.co/D1A5gthGdP
  • Heads Up:🇲🇽 Markit Manufacturing PMI (FEB) due at 15:30 GMT (15min) Previous: 43 https://www.dailyfx.com/economic-calendar#2021-03-01
Top Trade Idea 2019: Commodities to Base in 2019 – Looking for a low in Gold, Crude Oil

Top Trade Idea 2019: Commodities to Base in 2019 – Looking for a low in Gold, Crude Oil

Michael Boutros, Strategist

Gold Weekly Price Chart (XAU/USD)

Top Trade Idea 2019: Commodities to Base in 2019 – Looking for a low in Gold, Crude Oil

Data Source: TradingView. Prepared by Michael Boutros

Heading into the start of 2018 our ‘bottom line’ for Gold noted that, “the immediate risk heading into next year is for a decline to ultimately offer more favorable long-opportunities.” Price registered a low at 1160 this year with price reversing off multi-year pitchfork support of the formation extending off the 2013/2015 lows. Gold has continued to trade within the confines of this near-term descending formation off the 2017/2018 highs and heading into next year, we’re looking for a low while above the 2018 low-week close at 1184. Initial resistance targets are eyed at the highlighted confluence region around the 52-week moving average at 1270 backed by 1287. Ultimately a breach above the yearly open at 1302 would be needed to put the broader long-bias back in play. Broader bullish invalidation rests at 1171. Bottom line: look for a low above parallel support next year with a breach of the descending pitchfork needed to clear the way for a larger advance in gold.

Crude Oil Weekly Price Chart (WTI)

Top Trade Idea 2019: Commodities to Base in 2019 – Looking for a low in Gold, Crude Oil

Data Source: TradingView. Prepared by Michael Boutros

Crude oil plummeted through multi-year uptrend support in October with prices down more than 35% off the highs heading into the close of the year. The risk remains for a deeper drawdown here but we’re looking for possible exhaustion heading into key confluence support at 45- this region is defined by the 61.8% retracement of the entire 2016 advance and converges on the median-line of the 2015 / 2016 ascending pitchfork formation into the start of the year. IF prices are going to stabilize, that would be the level to look for. Key resistance stands at the 2018 yearly open at 60.06 and a breach above this region is needed to alleviate further downside pressure in WTI. Bottom line: look for price exhaustion in the first half of 2018 at / ahead of the 45-handle.

To see all the of the analysts Top Trade Ideas for 2019 and Top Lessons from 2018, download the guides on the DailyFX Trading Guides Page.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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