Oil approached our suggested target around 69.40 while the consolidation continues between 69.00 and 68.00 zones accompanied by a pivotal resistance point at 70.05 whereas the target of intraday basis lays. There is a big possibility for a downside correction from the mentioned level towards 67.00 areas. We see that 67.00 zones will help it to gather the momentum needed to incline again reaching the projected target of the short term direction at 73.00 zones. Carefully note that 64.00 zones shouldn't be broken.
The trading range for today is among the key support at 64.00 and the key resistance at 73.00.
The general trend is to the upside as far as 47.20 remains intact with targets at $73.00 a barrel.
Support: 68.10, 67.90, 66.50, 66.00, 65.20
Resistance: 69.40, 70.05, 71.05, 71.80, 72.90
Recommendation: According to our analysis, sell the contract below 70.00 with targets at 68.10 and stop loss with a four-hour close above 71.05.
Silver
Silver succeeded to reach the first projected target of the bullish stick sandwich pattern which we discussed yesterday placing a temporary high at 16.16. Now, a slight correction is needed before resuming the bullishness towards the medium term target at 16.50 in order to relieve the indicators which are moving inside an overbought area. Only a break of 15.65 can invalidate this positive scenario.
The trading range for today is among the key support at 15.25 and key resistance now at 16.85.
The general trend is to the upside as far as 10.95 remains intact with targets at 16.85.
Support: 16.00, 15.93, 15.86 ,15.77, 15.65
Resistance: 16.20, 16.29, 16.37, 16.49, 16.65
Recommendation: According to our analysis, buy silver at 16.00 with targets at 16.40 and stop loss at 15.65
Gold
Gold is still proceeding it's bullishness towards the projected target for theshort term basis of the harmonic Crab. The potential reversal zone -D- is technically valued at 997.00 zones but it may extend further to re-test the medium term top at $ 1006.00 per ounce. Therefore we will keep our overview to the upside as far as 969.00 remains unbroken. Carefully note that a slight corrective action can occur to relieve the indicators before resuming the positive scenario.
The trading range for today is among the key support now at 956.00 and key resistance now at 1015.00.
The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.
Support: 982.00, 976.00, 972.00, 966.00, 956.00
Resistance: 992.00, 997.00, 1006.00, 1010.00, 1016.00
Recommendation: According to our analysis, buy gold at 982.00 with targets at 997.00 and stop loss at 969.00.
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