Commodity Trade Mantra

Posts Tagged ‘Fibonacci Levels’

Gold Prices Are Attempting to Carve Out Higher-Low Support

We’ve seen multiple instances of buyers coming in to further support gold prices above the fresh near-term low on Thursday of last week at $1,320 level, producing a series of short-term higher-lows on the 4-hour chart. Traders looking to treat the Gold setup aggressively could look at this attempt to carve-out higher-low support as a potential top-side entry.

Maybe Oil Goes to $70 on its Way to $40

Crowded trades unwind in precisely this sort of freefall. When the conventional media ordains oil inevitably dropping to $40/barrel, I start looking for something else to happen–like oil going to $70/barrel. There are number of reasons this isn’t as farfetched as it might seem at the moment. Buying begets buying, shorts start covering, and voila…

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