US Oil in Further Profits + Gold Longs Set for Entry

The Dollar is continuing its push lower which it started after last Friday’s Non-Farm Payroll release. With that move in mind, traders could see Oil surge into further profits and Gold longs develop.

Price action traders were able to enter long for US Oil after the price successfully closed bullish above this year’s high. This position went as far as +115 pips of profit. Price has pulled back since then, but given current technical and fundamental pressures, the price should move higher once again.

After last week’s bullish ADP job report, Gold stumbled down to 1855 to make a new higher low. Since then price has printed two bullish hammers on the daily time frame. This is a sign that the price is ready to make a new high. Traders can look to enter long once the price clears last week’s high.

With the job report out of the way, traders can hope that the Dollar has decided its path as the price looks to reach last week’s low of 89.700. A clear break of this level on the daily time frame should open further losses for the Dollar.