World commodity chart update for 27/05/2009

oil succeeded to enter the previous mentioned upward channel, approaching 63.00 zones. We see that more inclines are expected towards 64.55 followed by 67.50. Some kind of corrective actions may occur towards 61.60 whereas the price will obtain the momentum it needs to move upwards. This intraday bullishness remains as far as 60.80 kept intact while a break of it will lead us towards 58.90 and $ 57.60 a barrel.

The trading range for today is among the key support at 57.60 and the key resistance at 67.50.

The general trend is to the upside as far as 47.20 remains intact with targets at $73.00 a barrel.

Support: 61.60, 60.85, 59.80, 58.90, 57.60
Resistance: 62.85, 63.80, 64.55, 65.50, 66.10

Recommendation: According to our analysis, buy the contract above 61.60 with targets at 62.85 followed 64.55 and stop loss with a four-hour close below 60.85

Gold: Gold plunged to $940 yesterday before closing at $951. We booked profits on yesterday's long position as the daily and 4- hourly charts remain overbought and a retracement upto $930 (cluster support) is on the cards. We maintain our view for going long in Gold around $930 - 935 as the overall bias for gold is bullish.(Gold- 949.72). Bullish