Commodities Update

Commodities Update


Yesterday, gold traded 0.2% higher in the New York session and ended at USD1283.50 per ounce.

In the Asian session, at GMT0500, the precious metal is trading at USD1281.30 per ounce, 0.17% lower from the New York close.

The precious metal is expected to find its first support at USD1277.80 per ounce and first resistance at USD1285.00 per ounce. The second support is expected at USD1274.30 per ounce and second resistance at USD1288.70 per ounce.

The chance of a correction cannot be ruled out as the Williams %R indicator has moved down from the overbought territory.

Crude Oil

Crude oil fell in the New York session yesterday, closing 0.12% lower at USD50.72 per barrel.

At GMT0500, the commodity is trading at USD50.79 per barrel, 0.14% higher from the New York close.

The commodity is expected to find its first support at USD50.40 per barrel and first resistance at USD51.28 per barrel. The second support is expected at USD50.01 per barrel and second resistance at USD51.77 per barrel.

Negative sentiment still exists as a bearish crossover is visible on the chart with the Moving Average of Commodities Channel Indicator (CCI) crossing 75 from above.

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The CityTA was started with a desire to help new traders succeed in markets dominated by high frequency traders and other market dangers. Our instructors' objective is to bring this diverse knowledge to you. Our training programs are designed to accommodate easy learning for people who have never experienced financial markets. Financial markets have become more complex over the past 10 years. A grasp of market mechanics is important if a trader is to survive. Our focus for our students is to ensure that we give them the correct foundation, so they can develop their own strategy and build on the knowledge they gain to go on to be top performing traders.