login
Open Free Account

Resources

The Commodity Report – 20 November 2018

/
Saudi-oil-deal-technical-trade-note-OPEC

With the tech selloff from yesterday on the Nasdaq and the Asian session lower this morning, we might see safe havens come back into play sooner than later.

Let’s look at what is happening with Gold, Platinum and Brent Crude...

Gold

With the global uncertainty we might see investors move into gold and gold stocks as a safe haven play. Looking at the chart we might see the price of gold move higher from the $1225/oz level which coincides with the 61.8 Fibonacci level. A possible target price might be back to major resistance around the $1237/oz price level.

Screenshot 2018-11-20 at 10.41.04

Source – MetaTrader5

Platinum

Platinum has broken out of its downward channel and formed an inverse head and shoulders technical pattern which indicates a reversal in price action. The price action is trading above the 846 level which was the neckline of the pattern. The price action might move higher from here with a possible target around the 877 level.

Screenshot 2018-11-20 at 10.42.05

Source – MetaTrader5

Brent Crude Oil

Bren crude is still very topical at the moment as the market is still digesting the news from Saudi Arabia looking to cut supply even further. Oil has been trading in a descending channel and is approaching a major support around the $64.77 level. We might see the price of Brent move lower still if this support level does not hold with a possible target around $61.51 level.

Screenshot 2018-11-20 at 10.42.41

Source – MetaTrader5


 

Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.

SEARCH ALL RESEARCH