We’ve finally got a decent correction on oil. WTI is going down for the fourth day in a row and in the meantime, the price broke the lower line of the channel up formation and the mid-term upwards trend line. The next target for this drop is the horizontal support at 66.1 USD/bbl.
The second commodity in our short report is gold, which climbed significantly higher and reached the resistance of 1,305 USD/oz. That was expected a few days ago as the price created a hammer candlestick on the long-term upwards trend line and also made a false breakout from the mid-term rectangle. Current price action signals that the optimism is set to continue and we should see a further rise.
USDCAD broke the upper line of the symmetrical triangle but is still struggling with the breakout of the horizontal resistance. We can see some signs that this should eventually happen as the buying pressure rises with every single test of this area. Sentiment is positive.