Friday, August 13, 2010

Crude Oil, Natural Gas and Gold Market Commentary For Friday Morning

Crude oil was slightly higher due to short covering overnight and is consolidates some of the decline off last week's high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If September extends the aforementioned decline, the reaction low crossing at 74.70 is the next downside target. Closes above the 10 day moving average crossing at 80.04 would confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 79.02
Second resistance is the 10 day moving average crossing at 80.04

Crude oil's pivot point for Friday morning is 76.41

First support is Thursday's low crossing at 75.52
Second support is the reaction low crossing at 74.70

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Gold was lower due to profit taking overnight as it consolidates some of Thursday's rally. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

If October extends the rally off July's low, the reaction high crossing at 1220.80 is the next upside target. Closes below the 20 day moving average crossing at 1190.40 would temper the friendly outlook.

First resistance is the overnight high crossing at 1218.60
Second resistance is the reaction high crossing at 1220.80

Gold pivot point for Friday morning is1211.0

First support is the 10 day moving average crossing at 1199.20
Second support is the 20 day moving average crossing at 1190.40

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Natural gas was slightly higher overnight as it extends this week's trading range. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If September renews last week's decline, May's low crossing at 4.140 is the next downside target. Closes above the 20 day moving average crossing at 4.557 confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 4.467
Second resistance is the 20 day moving average crossing at 4.557

Natural gas pivot point for Friday morning is 4.308

First support is Wednesday's low crossing at 4.257
Second support is May's low crossing at 4.140

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