Last week I got a lot of questions about gold and oil. I understand the recent political crisis in Venezuela is the hottest topic now. As this country has the largest oil reserves in a world. But at the same time it doesn’t have much impact on world supply and demand. So, I don’t think this situation will help oil bulls to break out from the current price range. Last week we had such opportunity, but the attempt failed. On the weekly chart, we have a hanging man. Usually it’s a sign of coming pullback.
However, taking into account mixed technicals and fundamentals, it’s better to focus on scalping till we will get strong signal and good entry for swing trade. Personally, I will consider swing longs after pullback or if price breaks and holds above resistance.
However, taking into account mixed technicals and fundamentals, it’s better to focus on scalping till we will get strong signal and good entry for swing trade. Personally, I will consider swing longs after pullback or if price breaks and holds above resistance.