Commodity Market Outlook: WTI Potential Bear Flag
Faraday Research | Aug 01, 2018 05:03AM ET
Gold Daily
- Despite 5 spikes lower, gold has failed to close beneath $1220 over the past 3 weeks.
- This leaves gold vulnerable to a deeper retracement – use a break above $1235.20 to confirm.
- Further out we expect a re-test of $1204.70 due to the bearish structure.
Silver Daily
- Compressing beneath the Dec ’17 lows and 20-day average.
- An eventual break beneath 15.17 is favoured, in line with the dominant trend.
- A break above the resistance zone could coincide with a bullish move in gold, as the two are highly correlated.
Crude Oil WTI Daily
- Potential bear flag is forming, counter to the dominant trend.
- If successful, the flag targets just above the $60.15 lows.
- Such a pattern requires a direct move – so any downside break that lacks momentum should be treated with caution.
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