Crude Oil Tips :
Technically, Crude Oil, which had given bullish breakout from an otherwise bearish pattern of "Rising Channel" in Daily/ Weekly Charts had the target of $114-$115 which is already achieved.
Now it can test the breakout level around $93-94 and if that support is also violated, a strong support exists between $88-$90 which should be held if Crude has to remain in intermediate uptrend. Crude is already oversold after declining sharply from $114.83 to $94.63, weekly loss of $20. A pullback move can take Crude to $103-104 before declining again.
GOLD TIPS :
Technically, In last 5-6 months, Gold has made an "Inverted Head & Shoulder" pattern with Resistance at $1450-$1452 which is already violated with heavy volumes setting a
target of $1575-$1600 which is likely to be achieved in coming weeks/ months.
However if Gold re-enters this pattern by going below $1450, the bullish targets will get nullified. The policy should be to buy on declines with broad SL of $1440 on closing basis. (From 5T-180411). Gold achieved the target of $1577 and declined sharply from 1577 to 1462 during last week and made "Higher Bottoms".The level of 1450-1460 is important, if violated can trigger further fall towards $1385.
SILVER TIPS :
Technically, Silver touched a
Life Time High on 25th April 2011 when it touched a high of $49.82. The sharp rise from $26.30 (on 28th January 2011) to $49.82 (On 25th April 2011) i.e. more than 75% rise in just 65
Trading Sessions can be attributed to tensions in Egypt, Libya, earth Quake & tsunami in Japan.
Presently, Silver is extremely overbought and ripe for corrective decline. It may be noted that Silver had given bullish breakout from an otherwise bearish "Rising Wedge" pattern having resistance around $39.02 setting a target of $47.5-48 which may be achieved in coming days.
After achieving the bullish Targets,
Silver declined sharply to touch an Intraweek low of $33.03 and now it can recover to $38-$39 in coming sessions. (From 5T-090511)
Astrologically, Silver may open high on Monday but there is a possibility of good decline for first 2-3 days however Silver may recover in mid-week before declining again from 2nd Half of 27th May 2011. (This is preliminary analysis. More accurate analysis with Buy/Sell recommendations will be provides to Commodity Subscribers during Market Hours) .
Gold climbed to its highest level in nearly two weeks yesterday and closed up by +0.6% at 22301 after a raft of unsettling news on indebted euro zone nations such as Greece and Italy dented investor confidence. Gold rose even as most other commodities tumbled under pressure from the dollar, which strengthened against the euro. Bullion's resilience signaled its appeal as a hedge against the mounting crisis in Europe.
