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Week 21: Technical analysis of gold and oil
Fundamentally, all eyes are on oil and gold as U.S. financial uncertainty remains in limbo. A global recession is looming, and both gold and oil have typical behaviors during downturns, but do the charts support such a repeat? Oil market on the verge of coming volatility Since the beginning of May, the price of oil has gained almost 9%, despite a recent correction yesterday. The long gain was likely due to the surprise cut by OPEC that came into effect at the beginning of this month. A massive drawdown in U.S. crude stockpiles, published on 23 May, also pushed the price of “liquid gold” to the upside. But Saudi ... (full story)