HiLo Morning Brief · Oct 28 — Gold and Crude Oil Signals Diverge (1/2)
Good morning!
Two major, opposing signals have emerged in commodities this week. XAU gold tested near 3,980 but failed to extend its decline, then stabilized and rebounded toward 4,000. Low signals have now appeared on both the 12-hour and daily timeframes. This is the first major-timeframe low signal at support since gold began its roughly two-month pullback from around 4,700.
The previous comparable low came in July, which also marked a swing low this year. If gold consolidates here and gradually turns higher, its price action could potentially echo the August rally. The daily chart is still repairing, however: price may be near a turning point, but a trend reversal is not yet confirmed. The first resistance to watch is around 4,150.
CL crude oil, meanwhile, has produced a daily high signal, standing in clear contrast to gold’s low signal: one is near the highs, while the other has formed a low at support. This is a notable shift in commodities this week. Whether it signals a broader change in market conditions remains to be seen.
#HiLoMorningBrief #Gold #XAU #CrudeOil #Commodities
Good morning!
Two major, opposing signals have emerged in commodities this week. XAU gold tested near 3,980 but failed to extend its decline, then stabilized and rebounded toward 4,000. Low signals have now appeared on both the 12-hour and daily timeframes. This is the first major-timeframe low signal at support since gold began its roughly two-month pullback from around 4,700.
The previous comparable low came in July, which also marked a swing low this year. If gold consolidates here and gradually turns higher, its price action could potentially echo the August rally. The daily chart is still repairing, however: price may be near a turning point, but a trend reversal is not yet confirmed. The first resistance to watch is around 4,150.
CL crude oil, meanwhile, has produced a daily high signal, standing in clear contrast to gold’s low signal: one is near the highs, while the other has formed a low at support. This is a notable shift in commodities this week. Whether it signals a broader change in market conditions remains to be seen.
#HiLoMorningBrief #Gold #XAU #CrudeOil #Commodities
