Faring well recently form fundamental events, OIL begins what is now seen a pattern downtrend as the market compensates for an overvalued price. Retreating from its target resistance, Oil began an earlier than expected move to correct for the gain, citing a lack of confidence in traders to continue the bullish rally upwards. Traders are advised today to look at PUT options for an hour and end of day trades if possible.
GOLD has been the victim of a rising USD in the past month, but technical data also shows a rational correction as investors seek to move the asset towards a lower price before the next round of bulk buying. After the results of the NFP on Friday, GOLD is seen to continue its current downtrend for the day before rising to correct previous losses in March. Traders are advised to look for PUT options for between 30 minutes to 1 hour.
SILVER historically is traded very closely to GOLD. Although in recent times its movements have a strong correlation, SILVER now is seen to be becoming sluggish in its ability to recover losses. Faltering now in its rally to a bullish trend, the commodity is lacking consensus on direction as investors consider whether to further drop the price to support area of 19.71336. traders are advised to keep an eye on this asset as although the long term direction is not consistent, short term trends are active and can be very useful.