Crude Oil Weakens, Gold Falls toward Key Support, March 23rd, 2016
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Focusing on Trade Setups / Chart:
With Crude Oil, it falls after pin bar
After having a discuss about the potential for a ‘short-term top’ in crude oil in our commentary on March 21st, the price has fallen lower following a bearish pin bar reversal formed last Friday. In this case, we could see this market drops lower as the next support is not seen until down near 36.00 area. Traders who are not already short can watch for further sell signals on any near-term strength while under 43.20.
With Gold, it is getting closer to main support / potential buy zone
Gold sold off today as it really continues to rotate down closer to the main support zone between 1200 – 1180 that we have been mentioning about in the recent commentaries. That support zone is actually the line in the sand for buyers and price will be necessary to be hold there if it expects to resume the recent uptrend, obviously. Therefore, you have to keep an eye out for buying signals which are near that support zone.
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