Today’s technical view of Oil, Gold, Platinum, Copper and Iron Ore.
Price has failed to break above WR1/ MM3. As mentioned in a previous post we have role reversal support at 51.00, note this support is in a bearish zone. The target for the week is WS1.
Price is on its way to WM1/ WS2. MM2 is a few points above WM1.
Price has found support at WM2 though has not broken above WPP yet. Bearish target for the week is WM1/ WS2. Should support hold and price start making higher highs the Bullish target is WM4.
In yesterday's post we had Copper coming down from the weekly/ monthly target due to profit taking. This has happened followed by a 5/8 cross. We expect price to be at WPP by the end of the week.
Iron Ore H4
Price is coming down off the 55 EMA and WPP with a target of WS2 and a bearish stoch. Note the previous low at this price, we are paying attention to price action for a double bottom by the end of the week.
About The Forex Analyst
"When there is a gap you either commit yourself as a professional racing driver that is designed to win races or you come second, you come third or you come fifth. And I am not designed to come third, forth or fifth. I race to win. And if you no longer go for a gap that exists, you are no longer a racing driver." Aryton Senna