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Analysis | Commodity Technical Analysis | Written by HY Markets | Thu Mar 08 12 03:16 ET

BULLION

SPOT GOLD closed higher due to short covering on Wednesday as it consolidates some of the decline off February's high. The highrange close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible nearterm. If it extends the aforementioned decline, the reaction low crossing is the next downside target. Closes above the 20day moving average crossing would temper the nearterm bearish outlook.

SPOT SILVER closed higher due to short covering on Wednesday as it consolidates some of this week's decline. The highrange close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible nearterm. If it extends this week's decline, the reaction low crossing is the next downside target. Closes above the 10day moving average crossing would signal that a low has been posted.

U.S. STOCK MARKET INDICES

Dow Jones Futures closed higher due to short covering on Wednesday as it consolidates some of Tuesday's decline. The highrange close sets the stage for a steady to higher opening on Thursday. If the Dow extends Tuesday's decline, the reaction low crossing is the next downside target. Closes above the 10day moving average crossing would temper the nearterm bearish outlook.

ENERGY

CRUDE OIL closed higher due to short covering on Wednesday as it consolidated some of Tuesday's decline. The highrange close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bearish signalling that a shortterm top might be in or is near. Closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted. If it renews this winter's rally, the 2011 high crossing is the next upside target.

NATURAL GAS closed lower on Wednesday as it extends the multiyear decline. The lowrange close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the multiyear decline, monthly support crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a shortterm low has been posted.

COFFEE

COFFEE Futures closed lower on Wednesday extending the decline off last year's high. The lowrange close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off January's high, weekly support crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a shortterm low has been posted.

HY Markets
http://www.hymarkets.com

 

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