Crude oil

In the same tight range we saw crude moving higher yesterday gaining a mere 66 cents for the day. Although the 9 day moving average moved below the 14 and 40 day moving averages, all these indicators are too close together to be interpreted as a clear bearish signal so the sideways movements are set to continue. Recently the chart showed good technical support just below $40.00 level so only a convincing break below could reinstate the downturn. On the other hand the possibility for a move towards $50.00 is gathering pace and cannot be discarded.

The short term trend is sideways, while the medium and the long term trends are bearish.

Gold: Gold rose $22 yesterday to touch the highs' of $923 levels from its day's lows. Cluster support is seen at $907 levels (21 4-hourly EMA & 38.2% retracement of the rise in the charts) and the daily and the hourly charts indicate an upside. Thus longs around those levels can be considered for intraday $10. The recent high of $928 is the immediate resistance.(Gold:$914.15)