World commodity update for 03/03/2009

The price declined after breaching the neck line of the previous explained bearish pattern reaching our target at 39.80 and it's now trading around 40.00 a barrel. We expect more downside move for intraday basis targeting 38.25 as a preparation for short term targets around 30.00 but an upward correction may be witnessed and may reach 41.50 as an expected top before resuming the projected downside move as far as 41.50.

The trading range for today is among the key support at 37.90 and the key resistance at 47.75

The general trend is to the downside as far as 52.00 remains intact with targets at 30.00 and 25.90

Support: 39.80, 39.50, 39.00, 38.50, 38.25
Resistance: 40.60, 41.15, 41.50, 41.85, 42.25

Recommendation: According to our analysis, we see that it's good to sell the contract below 41.50 with targets at 40.70 and 39.50 and stop loss with a four hour close above 42.25.

Gold is battling 38.2% Fibonacci zones around 925.00-930.00 after yesterday's expected downside move which covered the gap clearly. We now expect that the metal will continue retracing this decline particularly if the price could be able to close a 4 h candle above the mentioned level. This bullish overview is based on the positive signals appearing on Stochastic, Gator and MACD traditional indicators and it will not be changed unless a clear break occurs below 912.00 levels

The trading range for today is among the key support now at 900.00 and key resistance now at 973.00 level.

The general trend is to the upside as far as 896.00 remains intact with targets at 1035.00 and 1060.00

Support: 922.00, 917.00, 912.00, 907.00, 896.00
Resistance: 935.00, 945.00, 952.00, 963.00, 973.00

Recommendation: According to our analysis, we believe that it is good to buy gold with a four hour close above 930.00 with targets at 952.00 and stop loss with a four hour close below 912.00.