Gold – Hard bounce but fading
Test of downtrend resistance successful by hitting the support trendline channel. The technical structure suggests short-term downward moves but in the long-term, there is a growing upside momentum as per our previous research (click here).
Major support: 30900 level
Major support breakout can generate extreme selling pressure. The support breakout can come down the gold price up to 30700 – 30560. Don’t get confused by just breakout. It can be fake out also. To become a subscriber, subscribe to our free newsletter services. Our service is free for all.
Crude oil – Collapse?
Everything depends upon the Feb month support trendline channel, look at the chart. In the longer term, the momentum is turning largely positive. We favor a continued bullish bias.
Reversal Target: 4700 – 4800 – 4900 – 5000
Downtrend Target: 4400 – 4300
Fake Out & Reversal Time will reveal soon. For the greedy trader and short-term investors for this is a perfect time. I will update that to members only.