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 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 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.
 |
| Silver Technical Chart |
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