- A demeanour during a weekly technicals on Gold, Copper Crude
- Review a Foundations of Technical Analysis mini-series
- Join Michael for Live Weekly Strategy Webinars on Mondays at 12:30GMT
In this array we scale-back and take a demeanour during a broader technical design to benefit a bit some-more viewpoint on where we are in trend. Here are a pivotal levels that matter on a commodity confederation streamer into a yearly close. Review this week’s Strategy Webinar for an in-depth relapse of these setups and more.
Gold Weekly Chart
Notes: Gold prices rebounded off vicious connection support last week during 1240 with allege now eyeing initial insurgency during a Nov high-week tighten / 2017 trendline insurgency during ~1279. Heading into a open of 2018 trade, a concentration stays weighted to a topside while above a Dec lows with broader bullish cancellation down during 1204/08. A crack aloft from here still has to contend with a Apr pitch highs at 1295.
Bottom line: We’ll be looking to blur debility while above 1240 streamer into a start of a year with a crack above 1295 indispensable to symbol resumption of a broader uptrend in Gold prices. Such a unfolding targets successive insurgency objectives during a 2017 high-week tighten during 1349 corroborated by 1380/92.
See how shifts in Gold sell positioning are impacting trend- Click here to learn some-more about sentiment!
Copper Weekly Chart
Notes: Copper prices have continued to trade within a proportions of a well-defined descending pitchfork arrangement fluctuating off a 2016 lows. A crack above a 2017 yearly opening operation in Jul fueled a convene into a top median-line together that capped a allege behind in October. A together fluctuating off 2015 Sep high (red) has continued to offer near-term support with prices resilient off this symbol progressing this month. Note that continued bearish dissimilarity highlights a risk of a near-term pullback here.
Bottom line: Heading into a yearly tighten I’ll be looking for a final depletion convene into a 3.33/36 before a incomparable correction. This section is tangible by a 100% prolongation of a 2016 convene a 61.8% retracement of a 2011 decrease and converges on a top median-line together into a 2018 open. Interim support rests at 2.95 with broader bullish cancellation down during 2.80.
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Crude Weekly Chart
Notes: Crude prices have continued to connect only above a top median-line together of a broader pitchfork we’ve been tracking given early 2016. The evident concentration is on a mangle of this converging operation with a broader opinion weighted to a topside while within a embedded pitchfork fluctuating off this year’s low. A crack eyes initial targets during a 59.94-60.06 Fibonacci connection corroborated by a 2015 high during 62.56 and a 100% prolongation during 64.78.
Bottom line: we’ll preference a topside crack of this converging streamer into 2018 while observant near-term support during 55 and broader bullish cancellation during a reduce together / 52-week relocating normal during ~51.00/50. Review a relapse of a near-term levels in my latest Crude Oil Scalp Report.
Check out the Crude Oil quarterly projectionsin the Free DailyFX Trading Forecasts
Previous Weekly Technical Perspectives
- A Weekly Technical Perspective on EUR/USD, USD/JPY, NZD/USD
- A Weekly Technical Perspective on GBP/USD, AUD/USD, USD/CAD
– Written by Michael Boutros, Currency Strategist with DailyFX