- Oil has turned prior resistance into support.
- Silver continues to be capped by its 200 weekly moving average. A medium term bearish factor for gold and silver.
1 am: Oil has turned prior resistance into support.
I said yesterday that
Now comes the real test. Was this a real breakout and will oil turn its previous resistance into support? Or will this turn out to be a fake breakout and oil will fall back below its previous resistance? Let’s see over the next few days.
It looks like this breakout is real. Oil has retested its prior resistance and turned it into support.
WTI oil’s next resistance target is $70.
1 am: Silver continues to be capped by its 200 weekly moving average. A medium term bearish factor for gold and silver.
Silver is once again bumping up against its 200 weekly moving average.
You can see here on a zoomed-out chart that silver’s 200 weekly moving average has been excellent resistance since 2016. This is a medium term bearish factor for gold and silver.
Read Forex & commodities on April 17, 2018: outlook
I only trade stocks. These are just my thoughts/outlook on other markets.
- Gold and silver are in bull markets.
- I’ve decided to buy some gold and silver as long term investments.
- The U.S. Dollar is in a bear market.