Technical Outlook for WTI Crude Oil & Gold (Weekly)
$USO, $OIL, $GLD
NYNEX Crude Oil (CL)
The rebound from 39.19 extended higher and the break of the resistance at 44.42 argues that pull back 51.67 has completed at 39.19. Intra-day bias is back to the Northside for 55-Day EMA now at 46.13) 1st. A clear break there will target retest of 51.67.
On the Southside, break of the Minor support at 41.10 will turn bias to the Southside to 39.19.
The big picture,
The medium term rebound from 26.05 might be over at 51.67. And a clear break of 35.24 will bring on a retest of 26.05.
Strong support there should be seen to establish the range for sideways trading. The upper mark of the range is not know yet.
The long term picture
WTI Crude Oil should have drawn support from 17.12/37.0 support zone to form a medium term bottom at 26.05. Now expect a medium term long term sideways pattern.
The energy rally is temporary, as OPEC continues to raise output.
NYMEX Crude Oil Continuous Contract Weekly Chart
COMEX Gold (GC)
Gold’s consolidative trading continues and outlook is unchanged. But, a further rise cannot be ruled out with the Key support at 1308.2 intact. However, being ecautious on topping around long term Fibo mark at 1380.98.
A clear break of the support at 1308.2 will be the 1st sign of trend reversal and will turn focus back to support at 1199.0.
The big picture
Gold price actions from 1045.4 are seen as developing into a sideways consolidation pattern. In case of stronger rise, expect strong resistance from at the 38.2% Fibo retracement of 1923.7 to 1045.4 at 1380.9 to limit the Northside.
The Southside attempts should be contained above 1045.4.
A clear break of 1380.9 will open up further rally to the 61.8% Fibo retracement mark at 1588.2.
The long term picture
Current development suggests that Gold would consolidate above 1045.4 medium term bottom. Nonetheless, a the fall from 1923.7 is seen as a long term correction.
And, a clear break of 1380.9 will suggest that the price actions from 1923.7 are developing into a sideways pattern instead.
In the Asian session Monday, Gold is trading at 1345.9, or +0.12% higher from Friday’s close
COMEX Gold Continuous Contract Weekly Chart
Have a terrific week.