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ٹریڈنگ خبریں
9 May 2013
Commodities Brief: Oil adds to gains, notches highest daily close since late March
FXstreet.com (Barcelona) - It was another ‘risk on’ day in global markets, with US equities again leading the way and setting new record highs. The S&P 500 closed the day up 0.43%, to finish at 1632.69 (a new all time high). Even commodities actually showed some signs of life, with oil closing up 1.09% to finish at 96.60 (highest daily close since late March). Gold was the out-performer in the precious metals sector, closing up 1.51% at 1473.30. Silver was only able to edge out small gains, closing up 0.16% at 23.90.
According to Chris Capre of 2nd Skies Forex, “On Monday this week, I discussed in my fx market commentary how Crude Oil had formed a pin bar off key support, and was offering a good setup to get long around $94.84. Price hit $94.90, gave two touches on the intra-day charts, then went higher, now up 173 pts on this one, so hopefully you profited from this one as well as its now offered over a 5:1 reward to risk play.”
He went on to add, “The commodity looks like it wants to make an earnest attempt at taking out $97, but keep in mind we have $97.65 and $98.21 up ahead, so likely sellers parked there. Bears can look to sell towards the higher levels, targeting $97 and $95, while bulls will need to wait for the stops to get tripped up there, before finding new bulls to join the cause”
In regards to the precious metals charts, the gold set on the daily chart is still more constructive then silver, but still seems to lack any follow through which continues to be concerning. Short term moving averages remain in neutral set up, while the RSI (14) is still in the 20-60 bearish range. The key levels to watch on gold will be 1439 (support) and 1490 (resistance). A daily close above/below either of these levels will help set the stage for the next major move.
In regards to silver, it still appears to be forming a bear flag on the daily chart, but so far has not been able to get confirmation (would need a close below 23.20). On the upside, silver would need a daily close above 24.60 which could open the doors to 25.50 (upper channel resistance).
According to Chris Capre of 2nd Skies Forex, “On Monday this week, I discussed in my fx market commentary how Crude Oil had formed a pin bar off key support, and was offering a good setup to get long around $94.84. Price hit $94.90, gave two touches on the intra-day charts, then went higher, now up 173 pts on this one, so hopefully you profited from this one as well as its now offered over a 5:1 reward to risk play.”
He went on to add, “The commodity looks like it wants to make an earnest attempt at taking out $97, but keep in mind we have $97.65 and $98.21 up ahead, so likely sellers parked there. Bears can look to sell towards the higher levels, targeting $97 and $95, while bulls will need to wait for the stops to get tripped up there, before finding new bulls to join the cause”
In regards to the precious metals charts, the gold set on the daily chart is still more constructive then silver, but still seems to lack any follow through which continues to be concerning. Short term moving averages remain in neutral set up, while the RSI (14) is still in the 20-60 bearish range. The key levels to watch on gold will be 1439 (support) and 1490 (resistance). A daily close above/below either of these levels will help set the stage for the next major move.
In regards to silver, it still appears to be forming a bear flag on the daily chart, but so far has not been able to get confirmation (would need a close below 23.20). On the upside, silver would need a daily close above 24.60 which could open the doors to 25.50 (upper channel resistance).