Last Updated on 09 January 2013
GOLD: Recovering With Caution
GOLD: Recovery attempts continue to occur leaving the commodity threatening further upside. This leaves the 1,703 level as the next upside target followed by the 1,720 level. We expect its declining trendline (red) resistance to cap further upside gains if seen. While that level caps, there is still downside risk. In such a case, the 1,640.45 level will be targeted with a cut through there allowing for a push further lower towards the 1,600.00 level. A respite is likely to occur here and turn the commodity higher. All in all, GOLD may be recovering but remains vulnerable to the downside short term below trendline resistance.
CRUDE OIL: Rallies, Breaks Through Trendline Resistance
CRUDE OIL: Crude Oil has triggered a strong corrective recovery by breaking through its trendline resistance. This development has also pushed the commodity above the 89.19 level suggesting further strength towards the 90.00 level could be building up. A violation will aim at the 91.25 level. Further out, resistance resides at the 92.00 level and then the 93.63 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 89.19 level where a reversal of roles is likely to occur and turn it higher. However, if this fails, further declines could develop towards the 86.93 level where a breach should see Crude Oil decline further towards the 84.04 level. Further down, support comes in at the 83.50 level. We may see a halt in declines here but if broken further downside will aim at the 82.08 level. All in all, Crude Oil continues to face upside recovery risks.
Note: This is an excerpt from The Extra Value Suite, our daily 7-currency & 5-commodity research package covering EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, EURGBP & USDCAD plus GOLD, CRUDE OIL, SILVER, WHEAT & CORN. Get the Full Package including 4 FREE Bonuses Now
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