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Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Mar 27 12 23:15 ET

BULLION

SPOT GOLD closed lower on Tuesday and the lowrange close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off last Thursday's low, the reaction high crossing is the next upside target. If it renews the decline off February's high, the 75% retracement level of the DecemberFebruary rally crossing is the next downside target.

SPOT SILVER closed lower on Tuesday and the lowrange close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signalling that sideways to higher prices are possible nearterm. Closes above the 20day moving average crossing would confirm that a low has been posted. If it renews this month's decline, the 62% retracement level of the DecemberFebruary rally crossing is the next downside target.

U.S. STOCK MARKET INDICES

Dow Jones Futures closed lower on Tuesday and the lowrange close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are still neutral to bearish hinting that a shortterm top might be in or is near. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted while opening the door for a largerdegree decline into the end of March. If the Dow renews the aforementioned rally, the 2007 high crossing is the next upside target.

ENERGY

CRUDE OIL closed lower on Tuesday and the midrange close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. If it renews this winter's rally, the 2011 high crossing is the next upside target. Closes below the reaction low crossing would confirm a downside breakout of a fiveweek old trading range.

Natural Gas

NATURAL GAS closed lower on Tuesday while extending the trading range of the past three weeks. The lowrange close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signalling that sideways to lower prices are possible nearterm. If it renews the multiyear decline, monthly support crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.

COFFEE

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

HY Markets
http://www.hymarkets.com

 

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