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.
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.
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| 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.
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.
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| 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.
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.
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| Crude Oil |
