Last Updated on 03 March 2013
GOLD: Broader Bias Remains Lower.
GOLD: With the commodity remaining vulnerable to the downside, there is risk of further weakness. This leaves the pair targeting the 1,554 level where a violation will aim at the 1,530.00 level with a breach aiming at the 1,500.00 level, its psycho level. We expect a price hesitation to occur here if tested but if broken we could see further weakness towards the 1,478.05 level. On the upside, resistance resides at the 1,600.00 level and then the 1,669 level where a break will aim at the 1,695 level. A violation of here will call for a run at the 1,730 level. All in all, GOLD remains vulnerable to the downside medium term.
CRUDE OIL: Rallies, Breaks Through Trendline Resistance
CRUDE OIL: Crude Oil has triggered a strong corrective recovery by breaking through its trendline resistance. This development has also pushed the commodity above the 89.19 level suggesting further strength towards the 90.00 level could be building up. A violation will aim at the 91.25 level. Further out, resistance resides at the 92.00 level and then the 93.63 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 89.19 level where a reversal of roles is likely to occur and turn it higher. However, if this fails, further declines could develop towards the 86.93 level where a breach should see Crude Oil decline further towards the 84.04 level. Further down, support comes in at the 83.50 level. We may see a halt in declines here but if broken further downside will aim at the 82.08 level. All in all, Crude Oil continues to face upside recovery risks.
Note: This is an excerpt from The Extra Value Suite, our daily 7-currency & 5-commodity research package covering EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, EURGBP & USDCAD plus GOLD, CRUDE OIL, SILVER, WHEAT & CORN. Get The Full Package Including 4 FREE Bonuses Now
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