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Bearish technical outlook on Gold and Brent Crude

February 8, 2023

NEW YORK (Feb 8) In a recent article by Kurt Hulse and Tom Pizzuti from TRADING ON THE MARK via CMC Markets, the authors discuss their bearish outlook on the gold and Brent crude oil markets. The recent declines in these two markets have reinforced their confidence in the downward paths they had previously identified. Using 240-minute candles, the authors refine their price targets for these markets and believe that nimble day traders could potentially play off key retracement levels using a combination of long and short trading strategies.

As far as Brent crude oil is concerned, the authors believe that a sharp bounce from the $78.92 level suggests that the first downward wave of a potential downward trend is complete and that price is now tracing an upward wave. They anticipate that this wave could interact with resistance targets near $81.36, $82.88, $85.03, and possibly $86.65, before resuming its downward trend.

In the gold market, the authors point out that the recent daily close below $1,917, as they had previously predicted, led to a fast decline through minor supports and that price is currently oscillating around $1,884. They believe that a modest decline could test $1,862 in the coming days, with the lower support areas at $1,844, $1,840, and $1,823 as potential targets in a contingency scenario.

In my opinion, the analysis presented by Hulse and Pizzuti appears to be well-reasoned and backed by technical data. The authors' use of 240-minute candles and key retracement levels could provide useful insights for traders looking to capitalise on potential price movements in these markets. However, as always, it is important to remember that markets are inherently unpredictable and that no single analysis or prediction should be taken as gospel.


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