Technically Gold Remains Bullish & WTI Crude Oil Bearish
$GLD, $USO, $OIL
On Gold
Gold at 1237.01 moved up a bit, its 13-day MA support is seen near 1222, while that holds may see a re-test of 1250-1260 marks.
The weekly candle chart indicates a potential Double Top near 1250/60 and would be confirmed if the next few weeks Gold moves South.
But, believe that trading above 1219.00 may assist Gold Bulls to resume their Northern drive towards 1260.00, Fibo 61.8%, which is positive along with positivity the MAs and a breakout above the 20-Day MA.
Support: 1236.00 – 1225.00 – 1219.00
Resistance: 1240.00 – 1255.00 – 1261.00
Direction: Bullish
On WTI Crude Oil
WTI Crude Oil at 32.92, 34 and 38 are the important Northside which are likely to hold in the medium term. But overall for the very near term trade is seen in the 34-28 zone.
Trading below 32.00 may bring a new Bearish attempt, while coming below 31.45 will extend the Bearishness.
Will be Bearish, as the technical conditions indicate Bearish actions.
Will depend on stability below 32.00 to stay Bearish.
Support: 31.45 – 30.60 – 30.00
Resistance: 32.00 – 32.50 – 33.00
Direction: Bearish (Overall Long Term)
Stay tuned…
Paul Ebeling
HeffX-LTN
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