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.
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