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Top Trade Idea 2020: Commodity Reset –  Gold to Mark Resumption, Crude Oil Pending Breakout

Top Trade Idea 2020: Commodity Reset – Gold to Mark Resumption, Crude Oil Pending Breakout

2020-01-01 02:00:00
Michael Boutros, Technical Strategist
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Heading into the start of 2019 our ‘bottom line’ noted to, “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.” Price registered the yearly low at 1266 in April before breaching downtrend resistance with the subsequent breakout soaring nearly 23% in the following months.

Gold Weekly Price Chart (XAU/USD) (Chart 1)

XAUUSD Gold Weekly Chart

A turn from confluence uptrend resistance around 1522/26 in September has the focus on the correction into the open of 2020 with the threat remaining for a larger decline towards upslope support. The 100% extension at 1420 and the 38.2% retracement at 1405 both levels of interest for possible downside exhaustion IF reached. Ultimately a topside breach above 1526 is needed to mark resumption with such a scenario exposing 1558 and the 614.8% retracement of the decline off the 2011 record high at 1586.

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- Written by Michael Boutros, Currency Strategist with DailyFX

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