World commodity chart update for 22/04/2009

Oil succeeded to reach our yesterday's target at 46.65 followed by a violent upside action approaching the pivotal resistance at 49.35 but still we believe to witness a new downward wave on the short term trading towards 46.65 and 44.30. A break of 49.35 can make our analysis invalid as any break out above it will lead us directly towards 51.60 as a preparation to reach 54.50 and 60 $ a barrel .

The trading range for today is among the key support at 44.30 and the key resistance at 54.50.

The general trend is to the downside as far as 49.35 remains intact with targets at 44.30 and 41.35.

Support: 48.40, 47.40, 46.65, 46.00, 45.00
Resistance: 49.05, 49.35, 50.10, 50.60, 51.60

Recommendation: According to our analysis, sell the contract below 49.05 with targets at 47.20 and stop loss with a four-hour close above 50.60.

Gold

As we discussed in our yesterday's mid-day report that the price action was trending downward towards 881.00 to re-test the broken upper line of the minor descending channel and also to re-test 38.2% Fibonacci level of the entire rally started at 679.00 and topped out at 1006.00 before resuming the main upside action as the bullish harmonic pattern still has targets to be reached particularly if it succeeds to hit the cloud's spans of Ichimoku indicator-currently located at 889.00- while the stochastic positive overlapping attempt supports our intraday bullish outlook. Only a break of 864.00 can invalidate our expected scenario. The trading range for today is among the key support now at 840.00 and key resistance now at 925.00. The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.

Support: 876.00, 864.00, 855.00, 847.00, 840.00
Resistance: 889.00, 900.00, 912.00, 916.00, 925.00

Recommendation: According to our analysis, buy gold at 883.00 with targets at 905.00 and stop loss at 864.00