Weekly Technical Analysis Report 21 June – Gold played out nicely, bearish play seen on WTI Crude Oil
Weekly Technical Analysis Report 21 June – Gold played out nicely, bearish play seen on WTI Crude Oil
1. Last week’s outlook on Gold: Bullish play seen
On the monthly time frame, prices are testing a demand zone and holding above its ascending trend line where we could see a further upside. On the H2 time frame, prices bounced off a key support area at 1807.80, in line with the 78.6% Fibonacci retracement and 61.8% Fibonacci extension. A break above our upside confirmation level at 1832.50, which is also a key level that prices interacted with multiple times could see prices rally higher to our next resistance target at 1875.00 which is also in line with the 127.2% Fibonacci extension. Stochastic is testing support as well, supporting the bullish bias.
Before:
Coloured candles represent our projection
After:
https://www.tradingview.com/chart/XAUUSD/w9ESAtLA-Outlook-on-XAUUSD-Bullish-play-seen/
2. This week’s outlook on WTI Crude Oil: Bearish play seen
On the weekly time frame, prices are holding below a key area at 127.80 where we could see further downside below this area. On the H4 time frame, we are seeing a shift in order flow with the break of the recent low at 112.50. A pullback to the resistance area at 114.80, in line with the 61.8% Fibonacci retracement and 100% Fibonacci extension presents an opportunity to play the drop to our next support target at 103.80. This demand area lines up with the ascending trend line, 78.6% Fibonacci retracement and 1.272% Fibonacci extension. Ichimoku cloud is showing signs of bearish pressure as well, with prices holding below the Ichimoku cloud.
Outlook on US Oil: Bearish play seen by Salzworth on TradingView.com
