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Who’s up for a commodity special?

I’m seeing this potential support area for gold and crude oil, plus a potential long-term reversal on AUD/USD.

Gold (XAU/USD): Daily

XAU/USD Daily Chart
XAU/USD Daily Chart

Gold’s price still seems to be stuck in consolidation, as price bounced off the top of a symmetrical triangle pattern on the daily time frame.

A test of support at the $1,700 per troy ounce level might follow, and Stochastic is suggesting that gold bugs are about to come out.

The oscillator is dipping into the oversold region to reflect exhaustion among sellers, so turning higher would confirm that support is likely to hold.

Moving averages are simply oscillating and aren’t providing very strong clues at the moment, though.

WTI Crude Oil: Daily

WTI Crude Oil: Daily Chart
WTI Crude Oil: Daily Chart

How low can WTI crude oil go?

The commodity price has been sliding recently, but it looks like buyers could be hanging out at the long-term area of interest seen on the daily chart.

A rising trend line connects the lows since the start of the year, and this support zone happens to coincide with the Fibs and former resistance around $70-75 per barrel.

In particular, the 61.8% level is right smack in line with the trend line and 100 SMA dynamic inflection point. This moving average is above the slower-moving 200 SMA to indicate that the uptrend is more likely to resume than to reverse.

Stochastic also looks ready to pull higher, reflecting a return in bullish pressure. In that case, crude oil could bounce off support and make its way back up to the swing high.

AUD/USD: Daily

AUD/USD Daily Forex Chart
AUD/USD Daily Forex Chart

If you’re bearish on commodities these days, then this forex setup might be worth keeping on your watch list!

AUD/USD is forming a head and shoulders pattern on its daily time frame, and a break below the neckline at the .7000 handle could confirm that a selloff is due.

If that happens, the pair could slide by the same height as the chart formation, which spans around a thousand pips!

The bearish moving average crossover suggests that sellers have the upper hand, but Stochastic is reflecting exhaustion among Aussie bears.