With UWTI currently trading at 7.55 in pre-market, an opening gap above both R1 & R2 is likely. If so, that will also trigger the bullish cross on the 13/33-ema that I was looking for. Therefore, unless this pre-market rally in crude is faded after the open, the odds for a move up to at least the 8.15 levels will increase substantially today.
The Gold & Commodities category is a sub-section of Market Analysis that includes charts and commentary associated with precious & industrial metals such as gold, silver, and copper as well as various hard & soft commodities such as oil, gas, wheat, corn, etc…
Following the expected reaction of the top of the T1 zone, GDX is now approaching the bottom of yesterday’s gap, which was one of the likely pullback targets posted yesterday. While that is the most likely end-point for a pullback, the former R1 (now S1) [continue reading…]
GLD is likely to backfill this gap soon. Awaiting both MACD lines to cross the zero level along with a bullish cross on the 13/33 ema pair (histogram at bottom) to confirm. If so, that should be the impetus for the next thrust up in [continue reading…]
The top of the T1 zone on the NUGT/GDX trade has been hit, providing a 20% gain on NUGT in under 1 full trading session. As the odds of a reaction off this level are quite elevated, consider booking partial or full profits and/or raising [continue reading…]
UWTI could run up to the 8.15 level & quite possible the 9.55 area, should my call for a drop in the $USD continue to play out. Such a move would provide gains of about 20% & 40%+ from current levels. I’ve just taken a [continue reading…]
The NUGT/GDX long trade has hit the bottom of the first target zone for about a 16% gain in about 2-hours of trading session time. Consider booking partial or full profits and/or raising your stops, according to your trading plan. While a reaction here is [continue reading…]
The EUR/USD broke out overnight, which should translate to a correction in the $USD in the coming days/weeks should this breakout stick. This 2-hour period chart shown an alternative view of the EUR/USD shown as a bullish falling wedge (using the same downtrend line as [continue reading…]