Gold
Gold
markets went
back and forth during the session on yesterday,
testing the 1180 level.
This is an area which
is important
in this market
as it was a support. We
believe that the bounce from here will more than likely test the
$1200 level next. On the other hand, if we break down below the
bottom of the range for the Tuesday session, this market will more
than likely head back down to the 1150 level.
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| Gold Technical Chart |
SILVER
The silver markets initially fell during the course of
the day on yesterday, but struggled to keep the losses as the 16.50
level offered support. This is an area that has offered support and
resistance both several times, and as a result it has affected the
market again. The support resulted in turning the market around and
forming a hammer, which is bullish. If we can break the top of this
hammer, we believe that the market then heads to the 17.50 level
given enough time. The 17.00 level will be a bit resistive but we
feel that it will break above.
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| Silver Technical Chart |
CRUDE
The
light sweet crude market fell
during the session on yesterday,
testing the $47.50 level for support. The $47 level below that is
supportive,
but if we can break below there, we should see this market fall even
lower and heading to the $45 level.
The market has been very bearish, and this is a market that we think
will sell off every time it rallies. The market should continue to
fall based on
not
only upon the
less
demand, but also the rising value of the US Dollar. The $50 level
above should be resistive.
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| Crude Oil Technical Chart |
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