Good morning (technically speaking), everyone,
Crude continues to be strong, this time driven by mayhem in Nigeria and Venezuela (which I find oddly more comforting than if it were central bankers doing the meddling). The next important level to watch is 47.93, the former “lower high”, which also corresponds quite closely to what would be a bullish breakout of the wedge. I hope this doesn’t happen, but that’s the level to monitor!
Being a precious metals bull myself, I’m pleased to see gold muscling higher, particularly since it didn’t even bother sinking back to its supporting trendline. This implies a lot of strength.
