With gold having risen to six-year highs, Ron William, from RW Advisory, explains what is going on with the precious metal. He analyses the correlation with bitcoin, and the fact that gold is, and has been for a while, at record highs against a whole basket of currencies.
Commodities & Energy
Following completion of a multi-year base in June, Gold is heading towards its measured target at $1700/05, according to David Sneddon and his team at Credit Suisse in London.
A pullback to 1366 for Gold could provide a good opportunity to go long, according to Andy Dodd, Head of Technical Research at Louis Capital Markets.
Natural Gas is heading towards a key level below which a bearish period may unfold, says James Dima, technical analyst at Marex Spectron.
The gold price has hit a 5 year high, in line with a bullish picture for commodities as a whole, according to George Davis at RBC Capital Markets.
Gold is set for a short-term rally although the longer-term outlook remains uncertain, according to Tony Sycamore at TechFX Traders.
WTI crude oil broke below key support on Thursday paving the way for further declines, says Sejul Gokal at Go-Technikal Insight.
The trading range for Soybeans has shrunk to an extreme low and James Dima, technical analyst at Marex Spectron, thinks this means that a large move is pending.
A month-end close above 6,546 would be very bullish for Copper, says James Dima, technical analyst at Marex Spectron.
A bullish long-term signal occurred for Soybeans last week, according to James Dima, technical analyst at Marex Spectron.