GOLD is trading in consolidation triangle
Price is based on HVN at level 1973.95 which indicates that gold is in accumulation phase
We r waiting price to exceed key level at 1982.50 to open long trade
It's expected to target level 2056 as a classical target of consolidation triangle
$42 have been a major support zone over the years -- this level is huge and will determine where it trades over the coming months. Daily bollinger bands are extremely tight too, so a big move is likely.
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I will begin WTI ZeroMarket CrudeOil Chart Analysis for August 5 .
30-minute chart, one-way long position strategy.
Based on the green support line,
Check the blue route and main section.
If it does not...
The US oil started its recovery mid April all the way from the price of 12 up to 42 today
The wave up is was strong by lost momentum and barely moved up during July.
This indicates that the price of oil has found a solid footing. Which means now that a breakout might happen soon.
IF price goes above 43 it would stop until 50 and probably go towards 66 later...
"Golden Cross" of SMA 100 intersecting the SMA 111 acts contrarily to standard Golden Cross implications and could signal a correction as seen in January. As the relationship decreases in price, Crude down, DRIP up. Looks like it might break down vs SMA 350 (gold colored line) as well. An answer should be given within the next week given prior timelines.
UKOIL reversed off its intermediate resistance at 44.36 where it could potentially drop further to 43.56.
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