Technical Outlook on Gold, Crude,Silver | FXTechstrategy
Written by Mohammed Isah
Sunday, 19 February 2012 22:26
GOLD: Bullishness To Target The 1,400.00 Level.
GOLD: The commodity continues to face bull pressure closing strongly higher the past week and aiming at a further strength. Though we saw a setback on Thursday pushing Gold back down off its all-time high at 1,366.00, its Friday strength has taken back most of those losses and opened the door for a return to that level as we enter a new week. On a violation of the 1,366.00 level, Gold should build further strength towards the 1,400.00 level, its psycho level. It may face a considerable resistance at that level due to the psychological nature of that level, but if it eventually pushes through there the 1,450.00 level will be targeted. Its weekly studies are bullish and pointing higher supporting this view. Alternatively, if pullbacks occur, its psycho level located at the 1,300.00 level will be targeted ahead of the 1,265.05 level where a reversal of roles is expected to turn the commodity back up again. Further down, support is seen at the 1,220.00 level. All in all, with Gold continuing to sustain its bullish momentum, further up pressure is expected.
CRUDE OIL: Resumes Medium Term Uptrend, Risk Points To The 104.60 Level.
CRUDE OIL: The commodity has closed above its key resistance at the 103.38 level, leaving it targeting further upside towards the 104.60 level, its May 11’2011 high. Further out, resistance resides at the 107.00 level and then the 110 level. Its weekly RSI is bullish and pointing higher supporting this view. Alternatively, in the absence of Crude Oil continuing its upside offensive, the risk will be for further declines towards the 99.01 level and then the 94.13 level, its Aug 03’2011 low. A violation of there will aim at the 90.69 level, its Sept 07’2011 high. We may see a respite here turning the commodity back up but if this fails to occur, further declines should target the 84.22 level. All in all, Crude Oil remains biased to the upside in the medium term.
The Extra Value Suiteis both an intra-day and swing trading technical research service designed to give you an edge and help you make quick and intelligent trading decisions daily.
I love this service. It's simple, straightforward and to the point. It is a back up to my own daily analysis as I prepare for my trading day.
James T. Kahn, EL Paso, Texas, United States.
I have been using your service for a year now. It is very useful as you gave me a wide picture of the movement in major currency pairs and valuable support and resistance levels, which are specific and defined. I like this service for it is short and straight forward, and I read it before starting my trading day, thank you.
Lara Hughes, London, UK.
You really do great technical analysis research. Very impressive, you know your job. Over the years, I have read so much technical analysis from many authors, and you can really tell their personal bias is affecting what they see in the charts. You do great work, very impressive.
Ludwig Roessler, Kelowna, Canada.
Your analysis has not only improved my trading but has helped to instill confidence in me, whenever I make my trading decisions.
I love this service. It's simple, straightforward and to the point. It is a back up to my own daily analysis as I prepare for my trading day.
CONNECT WITH US