Gold Market Wire
News, analysis and commentary for gold traders and investors
Crude Oil Update
Crude Oil Rally Prepares for Next Leg Higher
January 7, 2021 - (Gold Market Wire) - Crude Oil is preparing the next step in its recent rally, and as we head into a Friday close, no one in their right mind is going to go home short over the weekend. Not with everything going on in the world. That leaves the Longs and the Sidelines as the only real players in the trading arena... which means - more upside. Right now the market looks ready to take the next step up.
...and without the annoying arrows...
And just to give the 'trading tenor', we include a (not often used by us) Hourly Chart...which, given the minute by minute circumstances of the unfolding geo-political situations around the world, is warrented:
The global energy complex is now beset by a geo-political crisis of the first order. Kazakhstan, Ukraine and a western world ensconced in "Covid-Crisis". It doesn;t get much more ominous. There is nowhere to be but long.