Gold Technical Analysis
The gold markets rose again on Monday, but lost much of its gains in the afternoon. The day’s candle looks a bit like a shooting star, but is sitting on multiple hammers as well. Because of this, we are looking for range bound trading in the near-term, albeit with a bullish bias.
Natural Gas Technical Analysis
The natural gas markets rose again during Monday’s trading session. It should be mentioned however, the market is near the top of the recent trading range. The $4.80 has been serious resistance, and the $5 mark is certainly a major psychological resistance number as well. Because of this, we are very hesitant in buying the market. In fact, we would prefer to see a bearish signal up in this area, which we haven’t seen yet.
Oil Technical Analysis
Light Sweet Crude
The CL market fell during Monday’s session, but still remain in the center of the recent supportive trading range. Because of this, we see no real change in the chart, at least none that truly matters. We are still constructive of this market for the time being. There is an OPEC meeting later this week, which could move the markets, but in the meantime – our analysis hasn’t changed – even with the loss on Monday.
Brent
The Brent market is also identical to the CL market. The day’s trading fell hard on Monday, and then bounced to form a somewhat hammer-shaped candle. This shows that we are sitting in a supportive area still, and that the market is still bullish in general.
