28 Nov 2014

COMMODITY UPDATE 28.11.14

GOLD DAILY

Gold is currently testing the important area of interest at 1,180 level. A break below this level would indicate gold is ready to resume the downtrend and trigger the bear flag target 1,134 and 1,088.

With the RSI bearish momentum still intact and speculations about the Swiss gold referendum (the ''no'' vote more likely) the downside is more favorable, however  failure to close below the 1,180 level would indicate the gold is stuck in a tight range between 1,180- 1,203.


OIL MONTHLY 

The biggest one day decline since 2011 makes you wonder where and when the drop in Oil price will stop, and in truth, it still has a room to fall. The price is currently stalling at the 61.8% fib retracement from the all time peak in 2008 but any retracement should be capped by the old support - now resistance at 73.00.

A break below 67.73 should take the rate down to around 59.00 level where the rising trendline dating back to 1998 should provide some support. This level also acts as a 100% expansion target from the triangle breakout back in September.


SILVER H4

After rebounding down from the old support/new resistance and falling trendline resistance price broke down from the falling wedge formation and is now testing the area of interest at 16.00. Abreak below this level should take the metal down to test the rising channel support at around 15.75 and a break down further would initiate a break of a bear flag target.

A failure to close below 16.00 should take silver up to test the falling trendline resistance once more around 16.50 area, however to trigger more serious retracement metal first needs to break the resistance at 16.70 level

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