Technical Analysis and Forecast of Gold, Silver and Crude Oil

Gold Technical Analysis

GOLD

The gold markets initially fell during the course of the week but found enough support at the 1140 level to turn things back around and break out to the upside. Now that we have cleared the 1180 level, we feel that this market will more than likely head to the $1200 level. However, we recognize that we will have to be able to deal with quite a bit of volatility. We have no interest in selling for the longer-term until we break down below the 1140 level, which is something that we haven’t done yet.

FORECAST

The gold markets rose during the course of the session on Friday, clearing the 1180 level. By doing so, it appears that we have broken out and should head to the $1200 level given enough time, and the pull backs could be buying opportunities. We believe that the market is trying to form some type of base here, and as a result we may see much more bullish moves over the next couple of weeks. The support is at 1140 level.

SILVER

The silver markets broke higher during the course of the week, above the $16 level. Because of this, we feel that the market should then head to higher levels, and pull backs should continue to offer buying opportunities. We believe that the market have a bit of a floor at the $15 level, so at this point of time we think that the buyers are starting to come in and support the silver markets. Expect volatility as the US dollar continues to strengthen over the longer term.

Silver Technical Analysis

FORECAST

Silver markets took off during the session on Friday, finally breaking out and above the $16.50 level. With that, the market looks as if it is ready to continue going higher and that pullbacks will offer buying opportunities. We think that the silver market has bottomed somewhere near the $15 level, and as a result we think that longer-term traders are starting to step in and hold physical silver at this point. We are bullish with the expectations of a lot of volatility.

CRUDE OIL

The light sweet crude market fell during the course of the session during the week, but found enough support at the $42 level to turn things back around and formed a nice-looking hammer. The hammer is a reversal sign, so if we break above the top of that hammer we believe that this market could very well go back to the $50 level next, and then perhaps the $55 level. We believe that this market is still in a down trend, so we would be out of a long position right away on signs of resistance. We believe that if the market breaks above the $56 level, then things could change rapidly. But until that happens, we are still very cautious about going long but recognize we may have a positive week or two ahead.

Crude Oil Technical Analysis

FORECAST

The light sweet crude market rose during the course of the session on Friday, as the $45 level was overcome. However, there is enough resistance above and we feel that the short-term move higher is as good as you can anticipate. After all, there is a lot of noise near the $50 level. With this, we believe that it’s probably easier to let the market rise in and start selling if we get the opportunity to sell. However, if you are a short-term trader, you can get long of this market on a break of the top of the range.

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