Current Gold and Oil Trading Patterns Unfolding
Both gold and oil are setting up for higher prices in the next one to two weeks.
Below are the charts of gold futures and crude oil four-hour charts. Each candlestick allows us to look back one to two months while still being able to see all the intraday price action (pivot highs, pivot lows, strong volume spikes, and if they were buyers or sellers...).
The four-hour chart is one time frame most traders overlook, but I find it to be the best one for spotting day trades, momentum trades, and swing trades that pack a powerful "yes, quick" punch.
As you can see below with the annotated charts, both gold and oil are setting up for higher prices in the next one to two weeks from a technical point of view. That being said, we may see a couple days of weakness first before they start moving up again.
Watch detailed video analysis here.
Four-Hour Momentum Charts of Gold and Oil:
Editor's Note: Chris Vermeulen offers more content at his site, TheGoldAndOilGuy.com.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter