Monday, 4 April 2016

Commodities Technical Analysis and Strategies for Wednesday, April 15 2015


Gold

Gold markets fell during the bulk of the session on Tuesday, but found good support above the 1180 level to turn things back around and formed a hammer. With this, we believe that the market should continue to go between the 1180 level on the bottom, and the 1220 level on the top. It seems as if we are ready to rally at this point and head back towards the 1220 level given enough time. Considering both ways, this is a short term traders market and so, we will have to be very nimble.

Gold Technical Analysis
Gold Technical Chart


SILVER

Silver markets fell during the session on Tuesday, but found enough support at the $16 level to turn things back around and formed a hammer. With this, we believe that the market is going to continue to consolidate and it’s only a matter of time before we break out to the upside. That breakout is expected below the 17.50 level in our opinion, and as a result we believe that this is a short-term buying opportunity.

Silver Technical Analysis
Silver Technical Chart


CRUDE OIL

Light sweet crude oil markets rose during the course of the session on Tuesday, but failed to break above the $54 level. We believe that there is a significant amount of resistance at the $55 level as well, where there is no potential for buying opportunity. We are looking for some type of resistive candle in order to start selling. In order to start buying, we believe that a break above $56 is needed , so at this point of time we are still very bearish in this market. Our approach towards the top of the resistance barrier and more importantly the consolidation area, we believe that the sellers will step back in. So, we do not see any buying opportunity yet.
Crude Oil Technical Analysis
Silver Technical Chart