Here, we have a beautiful uptrend initiated by the inverse head and shoulders pattern from the end of March. Most recently, the price broke the 38.2% Fibonacci and then used it as a support to create another bullish bounce. This was anticipated by us in the daily analytical report from yesterday. As long as we stay above the orange area, sentiment remains positive.
Next up is the WTI, which also behaved as expected. The price of oil was in an ascending triangle pattern, and yesterday, we broke the upper line of this formation (horizontal resistance). We are still in a very healthy uptrend.
The other commodity in today’s report is gold, where we also broke an important resistance (blue line). The thing is that on the XAUUSD, buyers could not hold the price above that level. This creates a chance for a false breakout pattern, which could be very negative for buyers. Sentiment remains positive but I don’t see a clear buy signal here yet.