This past week has been one of the worst weeks for oil as price had a massive decrease falling from 78.61 to 73.03 in one day. This massive decrease was due to the trade wars between the US and China, and also the fact that Libya has resumed with its oil supply. On Thursday and Friday price tried to recover as the bulls gained some strength and at the moment price is sitting at 74.92. This recovery was caused by the Friday news stating that Iran disputed Russians claims that the OPEC agreed to lift production.
This Thursday and Friday gains could be seen as a small price retracement. Price might actually continue decreasing as the US president threatened to put on tariffs on close to half of American imports from China this week. This means the war will still go on as China vowed to retaliate on this act.
Since price is currently sitting close to a resistance level 75.05, there is a chance that price will actually fall towards the support level at 72.94. Look for price action signals before looking to place any short positions.
The price of gold reached its 7-month low and even slightly went passed it in the past week. Price decreased from 1265.83 and fell towards the support level 1242.73. This decrease in the gold price was caused by the fact that the dollar become stronger resulting in gold being more expensive for a lot of investors. Currently price is sitting at 1241.52 and is more likely to continue decreasing and the bears might continue to be under pressure. The fact that it started of the previous week creating a lower high could be seen as a sign that price will continue falling. If price falls from the support level at 1242.73 then it will fall towards the support level at 1212.02 creating another lower low.
The price of platinum started the previous week sitting at 856.3 and ended the week sitting at 826.3 where it is currently sitting. This means that the overall price movement for the past week was bearish. On Monday price formed a lower high and that could be taken as a sigh that price will continue falling. It will fall towards support level at 813.3 and chances are it might continue falling past that level to create a new lower low.