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Oil surged higher after inventories showed a surprise drop. Continued tensions with Iran have added to geopolitical risk as well, pushing the price of the commodity higher. While the news seems bullish, near-term tops are made in this manner. Oil tagged four factors of resistance Wednesday. First, oil hit the daily 50 moving average on the USO. Second, the USO tagged the daily 200 moving average. Third, oil hit a major gap window on the USO chart and fourth, oil has a daily time count. This gets the top pro traders to inch into shorts here at the $60/bbl level or $12.43 on the USO. They are looking for a swing trade short (quick drop in price).
While looser monetary policy may seem bullish in the short term, the medium-term ramifications could upend the gold. The ‘bad news is good news’ trade continues to dominate the...
On Friday and Monday, we saw legendary moves in gold. On Friday evening, the price rose to $2075 on the background of risk appetite with reduced liquidity in the instrument. On...
Gold posts a fresh all-time peak of 2,142 on MondayBut fails to hold onto its gains, falling back below April highMomentum indicators point at an overstretched advanceGold has been...
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