Forex Marketz Daily Forex News – Fully Markets Update
Gold (1205.06)
The yellow metal seems to have paused its move lower. We are noting a bullish reversal pattern on our daily chart below as we see what is called a piercing candlestick forming. This suggests a recovery could be in the cards. At least a short correction as it looks like it lacks conviction at this time.
Let’s look at the technical levels. A move above 1215.90, with a daily close, will test the technical level at 1230. If this happens, then we have a bottom in place and will challenge 1236.30. A failure to push higher at these levels will see Gold push lower back towards 1203.50. A move below this level will challenge supports at 1180.50 then 1178.80.
WTI Crude Oil (94.51)
Black old is looking to make a move lower and challenge support near 90.10. Should this happen, we will challenge 87.70. The daily chart shows a down trend, the 4 hour chart shows a defend of the support near 92.01 and a reversal higher. I recently wrote why oil could end up at $70 per barrel. Worth the read.
Should we have a small correction, and it appears likely with what we see on the four hour chart, then we need a daily close above 93.05. If this happens we will test 94.80.
