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Crude Oil Trades at Make-or-Break Level - Next 24 Hours Key
Written by David Rodriguez, Quantitative Analyst
CFDTrading.com provides free news, trading resources, and market analysis to the trading community.
Short-Term Technical Forecast for Crude Oil
Crude oil’s recent recovery has brought it to the top of its recent trend channel and previous spike-highs—leaving it at a potential short-term turning point. A break higher would signal that the short-term downtrend may be over, leading to further recovery or at least consolidation. Of course, a failure would leave the contract open to a re-test of lows near 61.00. Watch the next 24 hours or so of price action, as they may determine direction for the weeks ahead.
Short-Term Technical Outlook for Gold
Gold prices have finally found makeshift support in the past several days, hitting the bottom of the commodity’s falling trend channel and trading sharply higher through recent trade. Yet such a recovery hardly seems reassuring as far as longer-term prospects are concerned. The 38.2 percent Fibonacci retracement of the 936.50-682.00 move at 780 serves as subsequent resistance, with a break to target the 50 percent retracement of the same move at 810.
Short-Term Technical Forecast for Silver
Silver, much like gold, has found a temporary base at the bottom of its downward-sloping trend channel. Yet this kind of bounce hardly seems reassuring, and we continue to favor playing the downside on silver through the medium term. Shorter-term, resistance comes in at previous support of 10.000. A break above here would instill confidence in the case for a correction to the topside, but any rally seems unlikely to break clear congestion levels at 11.000.
CFDTrading.com provides free news, trading resources, and market analysis to the trading community.
Written by David Rodriguez, Quantitative Analyst
CFDTrading.com provides free news, trading resources, and market analysis to the trading community.
Short-Term Technical Forecast for Crude Oil
Crude oil’s recent recovery has brought it to the top of its recent trend channel and previous spike-highs—leaving it at a potential short-term turning point. A break higher would signal that the short-term downtrend may be over, leading to further recovery or at least consolidation. Of course, a failure would leave the contract open to a re-test of lows near 61.00. Watch the next 24 hours or so of price action, as they may determine direction for the weeks ahead.
Short-Term Technical Outlook for Gold
Gold prices have finally found makeshift support in the past several days, hitting the bottom of the commodity’s falling trend channel and trading sharply higher through recent trade. Yet such a recovery hardly seems reassuring as far as longer-term prospects are concerned. The 38.2 percent Fibonacci retracement of the 936.50-682.00 move at 780 serves as subsequent resistance, with a break to target the 50 percent retracement of the same move at 810.
Short-Term Technical Forecast for Silver
Silver, much like gold, has found a temporary base at the bottom of its downward-sloping trend channel. Yet this kind of bounce hardly seems reassuring, and we continue to favor playing the downside on silver through the medium term. Shorter-term, resistance comes in at previous support of 10.000. A break above here would instill confidence in the case for a correction to the topside, but any rally seems unlikely to break clear congestion levels at 11.000.
CFDTrading.com provides free news, trading resources, and market analysis to the trading community.
