Index Strat Risk Target Oil [B]FLAT[/B] Gold [B]SHORT[/B] 1010 600 Silver [B]SHORT[/B] 14.60 < 8
[B]Short-Term Technical Forecast for Crude Oil[/B]
Crude oil prices have been fairly motionless through recent trade, but the NYMEX contract threatens to break lower if it is unable to hold a medium-term rising trendline. The 49.50 mark represents the approximate level of support offered by the multi-month trend, and the contract has thus far managed to stay above. Yet a break opens up a move towards firm price floors at 47.50 and 45.00. Medium-term momentum remains to the topside, but it seems that crude oil could potentially see further pullbacks through near term trade.
[B]Short-Term Technical Forecast for Gold[/B]
Gold prices remain in a fairly tight short-term range, and subsequent forecasts are somewhat unclear. The COMEX Gold contract recently failed to break above the 50.0 percent Fibonacci retracement of the 935-865 move at 900. The resistance level likewise coincides with a recent spike-high, and Gold bulls may have a difficult time breaking above it. To the downside, a multi-week trendline lends support near the 890 mark. Until we see a break in either direction, short-term outlook will remain unclear.
[B]Short-Term Technical Forecast for Silver[/B]
The COMEX Silver contract finds itself in much the same position as gold, as silver prices have broken key trend lows. Subsequent price targets become previous spike-lows near the 12.000 mark, and a break lower would signal a move towards 11.50 is likely.
