Copper stays inside the channel

On the daily chart of copper we can see that the commodity has been inside a very well-defined bullish channel. For now, the 55 day EMA (purple line) has been acting as a support, around the 310.12 level. The 314.00 could act as resistance and the next resistance could be the 325.00, but in order for the price of the GBP/USD to get there, it would have to probably break above the channel. To the downside, the 310.12 level could still act as support, below that level, the next support could be the 200 day EMA (blue line), at the 302.96 level. The most obvious and important support is at the 55 week EMA, around the 295.75 level. The bullish momentum is still in place.

WTI oil rises almost 3%

Saudi Arabia is planning on keeping its current oil production cuts until they see the price of oil reaching around 80 to 100 Dollars per barrel. That news along with the US crude oil inventories coming out lower than expected have caused the price of WTI oil to rally almost 3% during today’s session and reaches its highest level since the end of 2014, around the 68,76 level. The bullish momentum has taken the price of WTI to break above the 67.67 level and it could continue to the 70.00 zone. In case of a bearish pullback, the 67.67 level or the 65.00 level could act as support. Below the 65.00 level, its next support zones are the 61.00 level and the 58.00 zone where we can find the 200 day EMA and the 200 week EMA.

The USD/CAD at the edge of a cliff

After the head and shoulders pattern was completed on the USD/CAD daily chart, the price of the pair has continued falling, below the 1.2600 level. During the last four trading sessions, the USD/CAD has consolidated just below the 1.2600 level with a good resistance at that zone, but today the price is trying to break below the 1.2545 level. In case of a breakdown below the 1.2545 level, the USD/CAD may fall to the 1.2448 level where the pair already bounced to the upside during the pullback registered in mid-February. However, a better and most important support zone is at the low around the 1.2244 level. On the other hand, if the USD/CAD manages to break above the 1.2600 level, it could try to go and visit the 200 day EMA around the 1.2735 level, where we can also find the 55 day EMA (purple line). If the 55 day EMA crosses below the 200 day EMA, then we could have a “death cross” pattern, which has bearish implications in the mid-term. Therefore, any pullback or bullish correction may be short-lived.

Silver is pressuring the ceiling

On the daily chart of silver we can see that the price of the metal has been boxed in a very well defined range with the 200 day EMA (blue line) acting as resistance, currently around the 16.76 level and the lower part of the range is at the trendline just above the 16.00 level. Even though the price of silver is in a range, the lows of the last few candles have been higher than the previous ones with the highs at the 200 EMA. This is an indication that the bullish momentum is pressuring to the upside and we could see a break out of the 200 day EMA. To the upside, the 17.00 could act as resistance, but above that level, the peak at the 17.67 level could be its most important resistance. Below the 16.00 level, its most relevant support is the low at the 15.59 level.

Good consolidation on the AUD/USD

On the daily chart of the AUD/USD we can see a very good consolidation around the 200 EMA and 55 day EMA. The 0.7800 level has been acting as a resistance and a breakout of that level could accelerate the bullish momentum to the 0.7900. Above the 0.7900 level, its next resistance could be the 0.8000 level, followed by the peak at the 0.8123 level where we can find the 200 month EMA. From the current level, the AUD/USD may head in any direction, but to the downside the 0.7700 level may act as a congestion zone again. The 0.7600 level may act as a better support, followed by the 0.7500 level.

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Bullish exhaustion on gold

Gold had a good bullish run during this week as the risk appetite came back into the markets and the Dollar retraced to the downside. However, during today´s session the price of gold loses its bullish momentum and retraces to the downside once it came very close to the high and resistance area around the 1366. The direction reversal on the price of gold comes after the FED’s minutes where release and its was known that the central bank is trying to slow down the US economy, which causes the stock market to fall, the Dollar to rise, and gold to pull back. The price of gold managed to break above the 1350 level, but once it got to the 1366 zone it comes back down, leaving today’s daily candle with a relatively long upper shadow, which is an indication that the sellers are trying to take control of the market. The 1350 level may act as support, but a breakdown of that level could take the price of gold to the 55 day EMA around the 1326 level in the next few sessions.