Weekly Forecast: #Gold,#Bitcoin and #WTI Crude Oil (11-16 September 2023)

Gold

Gold markets have fallen a bit during the course of the week, but it looks like we are still hanging about and consolidating. The 50-Week EMA sits just below near the $1900 level, so I think it’s probably only a matter of time before we would see buyers come back into this market, but if we were to break through the $1900 level, then it’s possible that gold could go much lower, dropping $100 rather quickly.

Bitcoin

Bitcoin had a rather quiet week as it seems like most people are not interested in the crypto market at the moment. Pay close attention to the $25,000 level underneath, because it will be important, and if we break down below that level, then it’s likely that we drop down to the $22,000 level. On the other hand, if we turn around a break above the top of the inverted hammer from the previous week, then we could go looking to reach the $30,000 level at this point, we just have a serious lack of momentum.

WTI Crude Oil

The current WTI Crude Oil future made another bullish move over the past week, closing at its highest weekly close in 9 months. This is a clear volatility breakout from a dominant price range.

The growing optimism that the Fed is done with rate cuts is fading, which has probably helped to slow the bullish momentum here, which was stronger last week. However, OPEC has recently announced the continuation of some supply restrictions, which is a bullish factor.

Trend trading commodities long when they make bullish breakouts to new long-term high prices has historically been a very profitable trading strategy.

I still see WTI Crude Oil as a buy. However, this rally might not have much further to run.

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