Gold markets initially fell during the course of the day on Monday, but found enough support just above the 1200 level to bounce and form a relatively supportive candle. We believe that Gold prices are stuck between 1200 and 1215, so at this point in time we are simply waiting for it to move out of this range. If gold breaks 1215 level, we feel that, we would be buyers and aiming for the 1230 handle.
Silver markets as you can see did very little during the session on Monday, as we continue to respect the $17 level for its supportive qualities. Because of this, we believe that buying short-term calls every time thie market gets close to the $17 level is probably the best way to play with this market right now. We would not be bothered with the futures market right now, and wait for the markets to break $17 level.
The light sweet crude market initially fell during the course of the day on Monday, testing the $59 level for support. And it was successful in founding it there and making a hammer to take enough bounce from those levels. This market seems to be in a bit of a crossroads. With that, we are a bit more comfortable buying on a break above the top of the hammer for the session on Monday, but quite frankly, we can’t deny the fact that it is going to be highly volatile. If we break the $58 level below though, things will get interesting, and we could find ourselves heading towards the $55 handle.
COMEX Technical Analysis ForecastPosted: May 26, 2015 in Commodity Tips
Tags: Comex Commodity Tips, Profitable Trading Signals, Trading Advices