Crude Oil & Gold Futures Morning Technical Analysis Preview

Let’s review these markets today.  Crude Oil is trading inside day, inside a price
wedge and we want to buy the lows/support and sell the highs/resistance of this
price structure.  A price wedge on Crude
Oil tells us there is high-percentage trades waiting for us when we fade-the-breakouts.  This means when price makes a new higher-highs
we will be suspicious of the STRENGTH of the buyers and look for the reversal
to sell short.  The same will be true for
buying when we test new lower-lows and the sellers fail.

Gold futures trading outside the range from Monday
above the PHOD, inside a price wedge structure, and trading right up into the resistance
overhead in the short term trigger-zone. 
We can see the short term BULLISH AB=CD Pattern which tells us to buy
above the C, sell below the B, and then buy the support at D.  We found the double-bottom and the 3 levels
of resistance that come along with it, so if price moves above the range highs
we will look for selling opportunities at 1654.0, 1687.0, and all the way up
around 1728.0  Our plan on gold futures is
to buy pullbacks above the PHOD, however, we need to take profit at the trigger-zone
resistance and then look for those same buyers to FAIL.  If the sellers grab hold we can sell short
with a wave-pattern failure or a 2-step pattern with a profit target back at
the PHOD.  If we go higher above the trigger-zone
resistance we then will consider this to be very bullish and we will buy pullbacks
after looking for the fake-out breakout. 
The price structure is a price wedge so sell the highs/resistance and buy
the lows/support.