The Gold markets tried to rally during the course of the day on yesterday, testing the $1220 level. With that, the market turned back around and formed a shooting star. However, we see a significant amount of support below, so therefore this market will more than likely continue to consolidate in this general vicinity. We believe that this market will continue to be a market that only short-term traders are involved in. If we can get above the $1220 level, we would be buyers as the market should then head to the $1300 level.
The Silver markets tried to rally during the session on yesterday, but ran into enough trouble to turn things back around and formed a shooting star. Because of that, it appears that it is probably going to fall from here but we believe that it is a short-term pullback, not some type of break down. The $16.00 level below should continue to be supportive in the short-term, and we definitely believe that the $15.50 level is even more supportive therefore we believe that there isn’t any way to sell this market at the moment.
The light sweet crude market initially fell during the course of the session on yesterday, testing the $49 level. With that, the market did bounce and clear the $50 level given enough time. However, we believe that there is a significant amount of resistance above at the $55 level and we believe that a break above the $51 level should continue the consolidation that we have been in for some time, and therefore making it a market that you can buy for a certain amount of time. On the other hand, if we break down below the $40 level, we feel this market should then go to the $45 level. The market is most certainly in a downtrend , so we certainly favor selling this market as opposed to buying it. This is why we are more aggressive to sell on resistive candles at the $55 level.
COMEX Technical Report 3 MarchPosted: March 3, 2015 in Commodity Tips