The Overall Technicals and Recommendations Gold
The precious Yellow metal's movement was limited between the resistance of 1653.00 and the support of 1632.00, where this range is above the critical support level of 1624.00. Stability above this level means stability above the main resistance of the Southside movement, and therefore forming the 0-5 harmonic pattern remains possible. I expected an Northside move Friday, where consolidation above 1653.00 might trigger a Bullish rebound towards 1679.00 and then 1700.00. Consolidation below 1624.00 is sufficient to negate this positive outlook.
The trading range for Friday was between the Key support at 1590.00 and Key resistance now at 1680.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
Support: 1638.00, 1632.00, 1628.00, 1624.00, 1608.00
Resistance: 1645.00, 1650.00, 1653.00, 1662.00, 1666.00
Recommendation Based on the charts and explanations above my opinion is to buy Gold around 1638.00, targeting 1681.00, 1694.00 and 1700.00 and stop loss with 4-hr closing below 1624.00 would be prudent. Stay tuned...
Silver continues to trade sideway in a range between Resistance at 33.15 and Support at 31.25 since 14 March.
The Key focus in here is that the Support mark of this range stop all the Bear attempts to go lower.
So, I expected upside action, targeting 33.15 and finally testing the resistance of the sideway range again.
Friday, MACD started to trade above the Zero level, while RSI attempts to settle above the 50-pt level, which supports the positive POV.
The trading range for Friday was between the Key support at 30.40 and Key resistance now at 33.15.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
Support: 31.60, 31.25, 31.00, 30.85, 30.30
Resistance: 32.10, 32.50, 32.85, 33.00, 33.15
Recommendation Based on the charts and explanations, my opinion is; buy silver around 31.80, and taking profit in stages at 32.85, 33.15 and 34.00 and stop loss with 4-hr closing below 31.25 considered to be prudent. Stay tuned...
Crude Oil Crude Oil dipped below the ascending support of the possible Bearish pattern-shown on image-to print a low at 102.13 before recovering again to trade steadily above the support. Failure to stabilize below this support said stand aside Friday looking for another Northside attempt specially that stochastic has crossed over positively and attempting to recover.
The trading range for Friday was between the major support at 100.70 and the major resistance at 105.50.
The short-trend trend is to the Northside with steady daily closing above 99.60, targeting 116.50.
Support: 103.00, 102.40, 101.75, 101.00, 100.60
Resistance: 104.20, 105.00, 105.50, 106.00
Recommendation Based on the charts and explanations above I say stand aside and wait for more confirmation. Stay tuned...
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.