Saturday, December 3, 2011

Crude Oil, Gold and Natural Gas Market Commentary For Saturday Dec. 3rd

Crude oil closed higher on Friday as it extends this week's rally. The mid range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If January renews the rally off this month's low, the 75% retracement level of the May-October decline crossing at 105.42 is the next upside target. Closes below last Friday's low crossing at 94.99 are needed to confirm that a short term top has been posted. First resistance is the 75% retracement level of the May-October decline crossing at 105.42. Second resistance is the 87% retracement level of the May-October decline crossing at 110.46. First support is last Friday's low crossing at 94.99. Second support is the reaction low crossing at 89.05.

Gold closed higher on Friday as it extended this week's rally. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If February extends this week's rally, November's high crossing at 1806.60 is the next upside target. Closes below last week's low crossing at 1670.50 would renew the decline off this month's high. First resistance is today's high crossing at 1767.10. Second resistance is November's high crossing at 1806.60. First support is last week's low crossing at 1670.50. Second support is the reaction low crossing at 1607.30.

Natural gas closed lower on Friday as it extends the trading range of the past two weeks. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. Closes above Monday's high crossing at 3.720 are needed to confirm that a short term low has been posted. If January renews this year's decline, monthly support crossing at 3.225 is the next downside target. First resistance is Monday's high crossing at 3.720. Second resistance is the 25% retracement level of the June-November decline crossing at 3.936. First support is last week's low crossing at 3.461. Second support is monthly support crossing at 3.225.

The Currency War Big Picture Analysis for Gold, Silver & Stocks

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