Gold Silver Crude Oil Techncal Analysis for the upcoming Week

 

Gold Silver Crude Oil

GOLD

Gold markets initially fell during the course of the week, but bounced as the $1200 level below offered enough support. With that, the market looks as if there is plenty of support in that area, based upon the horizontal support, as well as the up trend line. The hammer of course looks very positive, so we can break above the top of the hammer we are buyers but recognize that the $1240 level above probably causes a bit of a headache for the buyers. After that though, we feel that the market ultimately goes to the $1500 level after that.

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FORECAST

Gold markets broke higher during the course of the session on Friday, heading to the $1220 level. However, there was enough resistance there to turn things back around and formed a shooting star, for the third in a row. Nonetheless, if we break above the top of these shooting stars, that will be an excellent buying opportunity going to the $1240 level. There is plenty of support below, and we are sitting on top of an up trend line and a horizontal support line on the longer-term charts. We have no interest in selling this market until we clear at least the $1180 level.

Gold

SILVER

Silver markets went back and forth during the course of the week, finding support at the $16.00 level.We feel that this market will bounce, but we need to break above the $17.00 level in order to start buying. We do not anticipate an easy move, we believe that it’s only a matter of time before the buyers show real strength. Selling isn’t even a thought until we get well below the $15 level. With that, we are optimistic but also recognize that volatility will be the norm.

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FORECAST
Silver markets went back and forth during the session on Friday, as the $16.50 level continues to be a magnet for price as the support below continued to offer buying pressure from the $16.00 level. It is not until we get below there that we would consider selling, but we also recognize that we need to get above the shooting star at the $17 level in order to start buying. In the meantime, we expect a lot of volatility but think that there are opportunities in this marketplace going forward.

Silver

CRUDE OIL

The light sweet crude market fell during the course of the week, testing the $48 level. With that, we bounced enough to form a bit of a hammer. This hammer suggests that the market could bounce from here and head back towards the $55 level, but this market is still bearish without a doubt. We think that the market will see a significant amount of resistance at the $55 level, but if we do get above there we feel that the market would then head to the $60 level. Ultimately, it is easier to sell this market than buy it, so we believe that this market should be one where you may find selling opportunities. However, this is a market that has sold off so drastically it’s difficult to anticipate long-term moves to the downside.

 

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FORECAST

The light sweet crude market had a very tight range for the session on Friday, as we continued to hang just below the $50 level. The $48 level below is massively supportive as it is the bottom of the recent consolidation area. With that, we feel that this market could possibly go higher, but we need to see a supportive candle or a move above the $51 level in order to start going long. The $55 level above is massively resistive, and as a result we prefer to sell resistive candles in that general vicinity.

However, if we break down below the $48 level, we should then head to the $45 level. That was the recent low, and it should be very supportive going forward. Because of this, we feel that this is more or less a market that’s going to continue to show choppiness and short-term opportunities.

Crude Oil