GOLD
Gold markets have gone back and forth during the course of the trading session on Tuesday as we are struggling just
below the $1950 level. If we can break above the top of the $1950 level, then the market looks likely to go looking towards the $2000 level. The $2000 level of course is a large, round, psychologically significant figure but at this point in time I do think that we will eventually slice through there as well. The US dollar has been shrinking, and I believe that it is only a matter of time before the market takes out to the upside.
CRUDE OIL
The West Texas Intermediate Crude Oil market has shown itself to continue seeing a lot of bullish pressure. Ultimately, the market is likely to see an attempt to break out to the upside, and if we can clear the $50 level, the market is likely to go looking towards the $52.50 level, possibly even the $55 level if we can continue to get stimulus. On the other hand, if we pull back from here then it is likely that the $47.50 level could offer minor support, while there is even major support at the $45 level near the 50 day EMA.
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