Gold daily chart has formed “Rising wedge” pattern. The last few sessions been bearish in trend as the prices have broken the channel’s Support slope line. The market is expected to continue in the same trend with a small correction on positive momentum and the downside rally could test all the way through $1305-1300(29025-28900) levels in the upcoming sessions. Major Resistance holds at $1320(29400) and support at $1300(28900). RSI reading reduces over 63.70 points.
Crude Oil Daily chart continues in “Rising wedge” pattern. The trend remains bullish and the last session seems have ended up meeting with the channel’s resistance slope line. As per the technical aspects of the pattern, the market is expected to retest the level and turn bearish. The downside rally could test $62-60(3948-3820) levels in the upcoming sessions. Alternatively, if market breaks above the resistance level then it might continue in bullish trend. Resistance holds at $64(4075) and support at $60(3820).