COMEX Trading : Weekly Signals and Technical Analysis

Posted: April 14, 2015 in Commodity Tips

GOLD
Gold markets did very little during the course of the week, essentially forming a neutral candle. However, it looks like that the $1200 level is offering a bit of support. If it breaks the top range, we feel this market will probably go to the $1300 level given enough time. 3b2e5-140109084033-pay-less-2014-gold-620xbBut at the same time we broke down below the bottom of the range for the week. We believe that the market then could go down to $1150 level given enough time. Regardless, it should continue to be volatile.
FORECAST
Gold markets rose during the course of the session on Friday, breaking above the $1200 level. The market seems as if it could go high to the $1220 level, before reaching to a significant resistance. At the end of the day though, it appears that the market will more than likely grind sideways. We believe that there is a support at the $1180 level. Any breakout could make follow the market direction.
SILVER
The silver market fell during the course of the week, testing the $16 level at one point. However, we saw a little bit bounce from there, so we feel the market isn’t quite ready to completely break down. 20bc9-silver1We believe that market will continue to consolidate, with the $15 level below being massively supportive. We look at supportive candles in that area as a potential buying opportunity, just as we look at resistive candles near the $18 level as a selling opportunity. Overall, this could be a difficult market for longer-term traders to be involved in.
FORECAST
The silver market tried to rally during the course of the session on Friday, but found resistance at the $16.50 level. Ultimately, we ended up looking a support at the $16 level. If we can break below there, we could go as low as $15 level. On the other hand, if it breaks the top of the range for the session on Friday we could go as high as to the $17.50. We feel that this market is going to be very choppy.
CRUDE OIL
The light sweet crude market rose during most of the week, but found a bit of resistance at the $54 level. With this, we ended up forming a shooting star which is a very bearish sign. It seems that the consolidation range will continue, and there is a significant resistance near the $55 level. With this, the market looks as if it is going to continue to go back and forth between the $55 and $45 level on the downside.09284-crude-oil-futures-up-on-firm-overseas-cues We believe that this market will be difficult to trade, but should continue to offer back and forth trading opportunities on shorter-term charts.
FORECAST
The light sweet crude market went higher during the session on Friday after initially falling to the $50 level. With this, it appears that the market is going to continue to consolidate between $50 level to the bottom, and $54 level to the top. We think that the light sweet crude market will continue to suffer at the hands of the strengthening US dollar, and with that we feel that it’s only a matter of time before the market breaks back down. If we break below the $50 level, we feel the market should then head to the $45 level. We believe that rallies will continue to offer plenty of selling opportunities.

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