Gold market fell during the session on Wednesday, testing the $1200 level for support. With this, the market bounced enough to form a hammer and it appears that the market is trying to break above the $1220 level. However,until we break above the $1220 levelor below the $1180 level the market will continue to consolidate.
The silver markets fell initially during the session on Wednesday, but found enough support at the $16.50 level to turn things back around and form a hammer. However, we see a significant amount of resistance near the $17 level so we are not sure about buying until this level. Because of this, we can say that the market would be extraordinarily volatile. With that, we are on the sidelines but recognize the area between $17 and $17.50 to be very important.
The light sweet crude market rose up rather drastically during the session on Wednesday as the US dollar got pummelled. With this, the market ended up breaking above the recent resistance, but remains below the $60 level. The market has to get above the $60 level in order to get very bullish of this market for any real length of time, so at this point time we are on the sidelines.
COMEX Signals & Technical AnalysisPosted: April 30, 2015 in Commodity Tips
Tags: Comex Commodity Tips, Profitable Trading Signals, Trading Advices