Crude Oil and Gold Market Commentary For Tuesday Morning Sept. 27th

Crude oil was higher due to short covering in Monday evenings overnight session as it consolidates some of last week's decline. Stochastics and the RSI are oversold and are turning neutral hinting that a double bottom with August's low might have been posted with Monday's low.

Closes above the 20 day moving average crossing at 86.68 are needed to confirm that a short term low has been posted. If November extends last week's decline, August's low crossing at 76.61 is the next downside target.

First resistance is the 10 day moving average crossing at 84.83. Second resistance is the 20 day moving average crossing at 86.68. First support is Monday's low crossing at 77.11. Second support is August's low crossing at 76.61. Crude oil pivot point for Tuesday morning is 79.64.

Every Once in a While, You Find Something Amazing....Check out Trend TV

Gold was sharply higher due to short covering in Monday evenings overnight session trading as it consolidates some of this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near term.

If December extends this month's decline, the 38% retracement level of the 2008-2011 rally crossing at 1476.20 is the next downside target. Closes above the 20 day moving average crossing at 1794.30 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 1746.80. Second resistance is the 20 day moving average crossing at 1794.30. First support is Monday's low crossing at 1535.00. Second support is the 38% retracement level of the 2008-2011 rally crossing at 1476.20. Golds pivot point for Tuesday morning is 1598.70.

Is gold coming back? Don't miss our recent articles.......

Understanding The Key Support Levels For Gold

Gold & Silver Pullback as Forecasted ..... Now for the Big Opportunity