Pairs in Focus This Week: #Oil,#Gold (4 - 10th June 2023)

Gold

Gold markets initially rallied during the week but finished on a very negative note. At this point, we are testing a major uptrend line from the channel that I have been following, and if we were to break down below that channel, then I think we have a move to the $1900 level waiting to happen. In the short term, I do believe that the $2000 level could be targeted, and a move above there obviously would be very bullish.

WTI Crude Oil (US Oil)

The West Texas Intermediate Crude Oil market initially fell during the trading week, only to turn around to show signs of life again. The weekly candlestick is a hammer, and it sits just below the crucial 200-Week EMA. Because of this, I would treat a breakout to the upside of the previous week as a very bullish sign, perhaps opening up the WTI market for a move to the $80 level, which consequently is where we have the 50-Week EMA. Alternatively, if we were to break down below the $70 level, we could see a significant selloff.

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