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Trade Desk Thoughts:
Crude Oil and Gold Outlook
Crude Oil
The 4 hour trend is short. Oil was recently trading at $74 per barrel after containing the selling seen in the previous sessions. Price action is heading for a test of daily chart support at 72.50 it would seem. The long speculative interest in crude oil trade banked profit recently and in doing so aided the long side of Usd near-term buying. Favor a straddle.
Technical Waves:
Elliot Wave Chart: A larger bearish impulse move in progress. Looking for a move down to 72.00 zone after a near-term correction is done. Swing Point: 73.75
Gold Bullion
The 4 hour trend is neutral. Gold Bullion has held below $1,100 resistance, as the precious metal also maintains 1075 support. Over the last week of trade, gold has lost as much as $45, following global equity market losses. To the downside, the next important support area is at $1050.00. Favor a straddle.
Technical Waves:
Elliot Wave Chart: Triangle formation is developing. Move down to 1070 expected, if 1104 holds. Intra-day Swing Point: 1091
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