NATURAL GAS: (update)
NATGAS dropped after testing the $6.28 price level and has been forming lower lows and lower highs. This recent price action has not changed the bullish structure on the weekly timeframe and traders are still bullish. Attention will be on the 61.8 fib level as well as the stochastic which is now below the oversold zone for bullish reversal signals.
USOIL aggressively dropped upon testing the supply zone. The market is now forming a bigger corrective structure and traders expect the current bearish leg to complete the overall structure before the bullish trend resumes. At the moment traders are short-term bearish and anticipate the market to push down to the previous daily low.
Silver has gone back to the previous high after failing to break below the previous lows. Structurally a shift of momentum to the upside is forming and should be fully confirmed by a new higher high. This will alert traders, and any bullish continuation setups will be the confirmation needed for buy signals.
GOLD has broken above the 1830.00 price level and is heading for the top of the structure. The trend is still bullish and no signs of a reversal to the downside at this point, as such, traders are waiting for bullish continuation setups to continue buying Gold until the top of the structure.