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Crude Oil, Gold, Oil May Rally Before Further Declines
Written by Jamie Saettele, Senior Strategist and David Rodriguez, Quantitative Analyst
CFDTrading.com provides free news, trading resources, and market analysis to the trading community.
Long-Term Technical Forecast for Crude Oil
This is a monthly chart of crude and it suggests that the drop from 147 is a large 4th wave. The 38.2% of wave 3 is at 64 and the 50% coincides with the June 2003 low near 50. A long term low will likely form in this zone (50-64), but probably not for another number of months.
Short-Term Technical Forecast for Crude Oil
Crude oil broke support at the key 61.8 percent Fibonacci retracement of its long-term 57.00-148.00 advance at the 92.00 mark—opening it up to further declines through upcoming trade. Previous support at 92.00 now serves as resistance, and the next short-term target to the downside is set at previous spike-lows at the 73.86 mark. Overall momentum clearly remains to the downside—especially now that we’ve broken through important support levels. Shorter-term, we could see further correction to the topside, but the trend remains lower.
Long-term Technical Forecast for Gold Prices
Gold has surged but the rally may be a correction of the decline from 10480 to 740. The large multi-month decline is in 5 waves, although wave 4 is small in time compared to wave 2. A wave 2 top could be in place at 926 (although judging by silver’s position, the advance may have more to go), which is just shy of the 61.8% the entire decline (930). A push through there targets the 78.6% at 982.
Short-Term Technical Outlook for Gold
Gold seems confined within its incredibly wide multi-week trading range, and indeed we recently saw it bounce off of previous spike-lows despite today’s sizeable declines. Outlook for the COMEX contract will subsequently depend on whether it is able to break out of said range. Absent a breakdown, we could see gold trade up to clear resistance at the 925.00 mark.
This Article, including the outlook on SILVER, continues HERE, at CFDTrading.com
CFDTrading.com provides free news, trading resources, and market analysis to the trading community.
Written by Jamie Saettele, Senior Strategist and David Rodriguez, Quantitative Analyst
CFDTrading.com provides free news, trading resources, and market analysis to the trading community.
Long-Term Technical Forecast for Crude Oil
This is a monthly chart of crude and it suggests that the drop from 147 is a large 4th wave. The 38.2% of wave 3 is at 64 and the 50% coincides with the June 2003 low near 50. A long term low will likely form in this zone (50-64), but probably not for another number of months.
Short-Term Technical Forecast for Crude Oil
Crude oil broke support at the key 61.8 percent Fibonacci retracement of its long-term 57.00-148.00 advance at the 92.00 mark—opening it up to further declines through upcoming trade. Previous support at 92.00 now serves as resistance, and the next short-term target to the downside is set at previous spike-lows at the 73.86 mark. Overall momentum clearly remains to the downside—especially now that we’ve broken through important support levels. Shorter-term, we could see further correction to the topside, but the trend remains lower.
Long-term Technical Forecast for Gold Prices
Gold has surged but the rally may be a correction of the decline from 10480 to 740. The large multi-month decline is in 5 waves, although wave 4 is small in time compared to wave 2. A wave 2 top could be in place at 926 (although judging by silver’s position, the advance may have more to go), which is just shy of the 61.8% the entire decline (930). A push through there targets the 78.6% at 982.
Short-Term Technical Outlook for Gold
Gold seems confined within its incredibly wide multi-week trading range, and indeed we recently saw it bounce off of previous spike-lows despite today’s sizeable declines. Outlook for the COMEX contract will subsequently depend on whether it is able to break out of said range. Absent a breakdown, we could see gold trade up to clear resistance at the 925.00 mark.
This Article, including the outlook on SILVER, continues HERE, at CFDTrading.com
CFDTrading.com provides free news, trading resources, and market analysis to the trading community.
