Commodities and Metals Slide: Oil, Gold, Silver

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Commodities and Metals Slide: Oil, Gold, Silver
Commodities and Metals Slide: Oil, Gold, Silver

As we wrap up another weekly session, we are seeing strong sell-offs in commodities and metals. Let’s take a look at oil, gold, and silver charts, and what this sell-off means for them from the technical perspective.

WTI Crude oil broke below a 2-week consolidation and is extending a bearish trend that has the 2014-low of 91.25 in sight. Gold also broke below a consolidation. this bearish swing is going against a prevailing bullish swing that broke above a falling wedge. If price holds above 1290, the short-term bullish outlook is still in play. Silver was consolidating after a bearish trend, and broke below this week’s consolidation, exposing the 2014-low around 18.70.

To contact the reporter of this story, email Fan Yang at fan@forexminute.com
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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.