The gold markets initially fell during the course of the session on yesterday, but found enough support at the $1180 level to turn things back around and form a hammer. With that, the market looks as if it’s ready to head towards the $1200 level which is a resistance and it may extend towards the $1220 level. On the other hand, if we break down below the $1180 level, the market should then head back and try to fill the gap that formed several sessions ago.
Silver markets went back and forth during the session on yesterday, as we continued to try to break above the $17 level. We believe that a move above the $17 level will head this market to the $17.50 level. As of now, pullback should offer buying opportunities as there should be plenty of support after the bullish move that we saw on Friday. We believe that market would be quite volatile. We believe that the $15 level below is the absolute bottom of the market.
The light sweet crude markets initially fell during the course of the session on yesterday, but found enough support just above the $45 level to turn things back around and formed a hammer. This hammer suggests that we are going to go higher, perhaps breaking all the way to the $50 level over the course of the next several sessions. However, before we start buying, we have to wait until we get the market moving above the $48 level. We expect plenty of volatility, with more of a downward bias over the longer term.
Commodity Report : World COMEX Technical Analysis for 24 MarchPosted: March 24, 2015 in Commodity Tips