By far the most important market this week was crude oil. With a mini-crash of 12 percent it could spell the start of a new trend, potentially the start of turmoil in markets, as explained this week in crude oil falls 5 pct.

It is no coincidence that several other leading commodities are struggling as well, primarily gold and silver, copper and base metals.

However, this should not come as a surprise to our readers. We have spotted current trend reversal price levels many weeks or even months ago.

Nevertheless, we see that leading commodities have rather spectacular charts right now, so it is worth discussing them separately.

Crude oil could bring turmoil to global markets

The ongoing mini-crash in crude oil is important because crude is a leading market. Once it starts trending, it has the power to influence all other markets globally. The crude oil crash of 2014 and 2015 are certainly proof of that.

Crude oil was visibly not able to break through resistance. We spotted this resistance area last summer, and since then crude did not succeed in going structurally above $52 which is the lower area of the resistance area seen on below chart. Our 2017 crude oil price forecast was spot-on.

InvestingHaven’s research team recommends to closely watch what happens in the $45 to $48 price range, as that has an above average importance to markets.

Precious metals continue their downtrend

Gold and silver are both suffering as crude oil declines. Note on silver’s chart how the price of silver tested a secular breakout level but was unable to break above it. That happened right at a time when crude oil topped, and when gold was testing the above average important $1250 price level. We spotted the importance of the $1250 gold price many months ago.

Given the current chart structures in both gold and silver, the trend is clearly down. First, because of the fact that both assets are still in a long term bear market. Second, because structural support is way below current price levels.