Crude continues to trade within a descending channel targeting the 34.80 level as an initial target before reaching 32.25. The 36.85 level which is a pivot point separating the upside from downside movements where trading below this level will allow crude to reach the target faster. We need to keep a lookout for the 36.40 level which is a support level for the minor channel which could be a correction point before continuing to fall.
The trading range for today is among the key support at 32.25 and the key resistance at 38.40
The general trend is to the downside as far as 92.30 remains intact with targets at 34.85 and 32.25
Support: 36.00, 35.60, 35.10, 34.20, 32.25
Resistance: 36.65, 37.60, 37.80, 38.10, 38.80
GOLD:The decline we have been waiting for occurred where we are now heading towards the key support for the ascending channel at 807.45 in an attmept to breach it. The overbought area seen on momentum indicators will cause slight upside corrections but we still expect the downside trend to dominate the short term after breaching the ascending channel in the picture above.
The trading range for today is among the key support at 773.20 and the key resistance at 866.95
The general trend is to the downside as far as 934.00 remains intact with targets at 649.20 and 615.60
Support: 820.90, 814.05, 807.45, 799.00, 784.90
Resistance: 830.80, 835.40, 836.40, 838.80, 846.80
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