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Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Apr 10 12 00:10 ET

BULLION

SPOT GOLD gapped up and closed higher on Monday and the highrange close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off February's high, the 75% retracement level of the DecemberFebruary rally crossing is the next downside target. Closes above last Monday's high crossing would confirm that a shortterm low has been posted.

SPOT SILVER closed lower on Monday and the lowrange close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off February's high, the 62% retracement level of the DecemberFebruary rally crossing is the next downside target. Multiple closes above last Tuesday's high crossing are needed to confirm that a low has been posted.

U.S. STOCK MARKET INDICES

Dow Jones Futures closed higher on Monday and the midrange close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible nearterm. If the Dow extends the decline off March's high, March's low crossing is the next downside target. Closes above the 20day moving average crossing would temper the nearterm bearish outlook.

ENERGY

CRUDE OIL closed lower on Monday however; the highrange close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off March's high, the 38% retracement level of the OctoberMarch rally crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.

Natural Gas

NATURAL GAS closed higher due to short covering on Monday. The highrange close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are 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 are needed to confirm that a shortterm low has been posted.

COFFEE

COFFEE Futures closed lower on Monday and the lowrange close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning bearish signalling that sideways to lower prices are possible nearterm. If it renews the decline off January's high, weekly support crossing is the next downside target. Closes above the reaction high crossing are needed to confirm that a shortterm low has been posted.

HY Markets
http://www.hymarkets.com

 

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