Gold and Crude Oil Outlook
$GLD, $USO, $OIL
Gold has posted good gains in Tuesday’s session. In North American trade, Gold’s spot price is 1275.19, down 0.53% on the day.
On the release front
JOLT Job Openings edged up to 6.09%, easily beating the estimate of 5.98-M. Later today, Fed Chairwoman Janet Yellen will speak at an event in Washington, DC.
Crude Oil has surged and set up a new resistance at 56.28. Black Gold is trading at 1-year high. Expected to show further shot-term Bearish consolidation. The technical structure has a history of decent consolidation phase in here
Long-term, WTI Crude Oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. For the time being the Brent Crude and WTI Crude Oil lies seeing Northside momentum.