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 Chart

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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

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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

Comex Signal Technical Analysis and Strategies for Wednesday, April 01 2015

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.

Gold Technical Chart

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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.

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. 

Crude Oil Technical Chart