Markets Close Slightly Lower as Traders Appear to be in Wait and See Mode

September crude oil closed slightly lower on Monday as it extended the decline off July's high. The mid range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. Multiple closes below the 20 day moving average crossing at 104.56 are needed to confirm that a short term top has been posted. If September renews the rally off April's low, weekly resistance crossing at 109.45 is the next upside target. First resistance is July's high crossing at 108.93. Second resistance is weekly resistance crossing at 109.45. First support is the 20 day moving average crossing at 104.56. Second support is the 25% retracement level of the April-July rally crossing at 103.27.

The September S&P 500 closed lower due to profit taking on Monday. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1661.54 would confirm that a short term top has been posted. If September renews the rally off June's low, upside targets will now be hard to project with the next trading into uncharted territory. First resistance is last Tuesday's high crossing at 1695.50. Second resistance is unknown with September trading into uncharted territory. First support is the reaction low crossing at 1666.00. Second support is the 20 day moving average crossing at 1661.54.

October gold closed higher on Monday. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short term top might be in or is near. If October extend the rally off June's low, the reaction high crossing at 1395.20 is the next upside target. Closes below the 20 day moving average crossing at 1283.10 would confirm that a short term top has been posted. First resistance is last Wednesday's high crossing at 1348.00. Second resistance is the reaction high crossing at 1395.20. First support is the 20 day moving average crossing at 1283.10. Second support is July's low crossing at 1208.50.

September Henry natural gas closed lower on Monday as it extends this decline off May's high. The mid range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If September extends the aforementioned decline, January's low crossing at 3.350 is the next downside target. Closes above the 10 day moving average crossing at 3.671 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 3.671. Second resistance is July's high crossing at 3.833. First support is today's low crossing at 3.427. Second support is January's low crossing at 3.350.


Get our FREE Trading Webinars Today!

Little Fed [Atlanta President] Speaks and Crude Oil market Listens

Have Gold, Silver and Mining Stocks Bottomed?

So this is what happens when a fed president out of ATLANTA speaks? Crude oil closed higher due to short covering on Wednesday as it bounced off the 87% retracement level of the 2011-2012 rally crossing at 81.36. The mid range close sets the stage for a steady opening when Thursday's night session begins. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 90.81 are needed to confirm that a low has been posted. If July extends this month's decline, last October's low crossing at 77.05 is the next downside target. First resistance is the 10 day moving average crossing at 87.31. Second resistance is the 20 day moving average crossing at 90.81. First support is Monday's low crossing at 81.21. Second support is last October's low crossing at 77.05.

20 Survival Skills for the Trader

Natural gas closed lower on Wednesday and the low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 2.576 would confirm that a short term low has been posted. If July renews last week's decline, the reaction low crossing at 2.166 is the next downside target. First resistance is the 20 day moving average crossing at 2.574. Second resistance is the reaction high crossing at 2.838. First support is last Friday's low crossing at 2.313. Second support is the reaction low crossing at 2.166.

6 Things Successful Traders Have in Common

Gold closed higher on Wednesday but remains below the 38% retracement level of this year's decline. The low range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI remain bullish signaling sideways to higher prices are possible near term. If August extends last Friday's rally, April's high crossing at 1674.30 is the next upside target. If August renews the decline off February's high, the 75% retracement level of the 2010-2011 rally crossing at 1461.30 is the next downside target. First resistance is last Friday's high crossing at 1632.00. Second resistance is April's high crossing at 1674.30. First support is the 20 day moving average crossing at 1581.10. Second support is May's low crossing at 1529.30.

It’s Easy, get started trading options today. Let’s us show you how

Natural Gas Falls Below 20 Day Moving Average....Gold and Oil Close Lower

Get our Free Trading Videos, Lessons and eBook today!

Crude oil [July contract] closed lower on Tuesday but remains above the 62% retracement level of the 2011-2012 rally crossing at 90.26. The low range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If July extends this month's decline, the 75% retracement level of the 2011-2012 rally crossing at 85.69 is the next downside target. Closes above the 20 day moving average crossing at 95.74 are needed to confirm that a low has been posted. First resistance is the 10 day moving average crossing at 91.91. Second resistance is the 20 day moving average crossing at 95.74. First support is last Wednesday's low crossing at 89.28. Second support is the 75% retracement level of the 2011-2012 rally crossing at 85.69.

20 Survival Skills for the Trader

Natural gas [now the July contract] closed lower on Tuesday and below the 20 day moving average crossing at 2.578 confirming that a short term top has been posted. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term. If July extends today's decline, the reaction low crossing at 2.338 is the next downside target. If July renews the rally off April's low, February's high crossing at 3.104 is the next upside target. First resistance is the reaction high crossing at 2.838. Second resistance is February's high crossing at 3.104. First support is today's low crossing at 2.466. Second support is the reaction low crossing at 2.338.

Today’s Stock Market Club Trading Triangles

Gold closed [still the June contract] lower on Tuesday. The low range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near term. If June renews the decline off February's high, the 38% retracement level of the 2008-2011 rally crossing at 1487.50 is the next downside target. Closes above the 20 day moving average crossing at 1591.30 are needed to confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 1591.30. Second resistance is this month's high crossing at 1672.30. First support is the reaction low crossing at 1526.70. Second support is the 38% retracement level of the 2008-2011 rally crossing at 1487.50.

Get 10 Trading Lessons FREE

Prices Fall on Anemic Growth and Inventory Gains

Get 4 FREE Trading Videos from INO TV!

Chip Hodge of Manulife Asset Management said it best “Prices should be lower because there’s no shortage of oil and we’re looking at rather anemic economic growth, we’re getting robust builds in supply.” That combined with worsen job numbers put commodity bulls at a disadvantage in Wednesdays session.

Crude oil closed lower due to profit taking on Wednesday as it consolidates some of Tuesday's rally. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If June extends Tuesday's rally, the reaction high crossing at 109.13 is the next upside target. Closes below the 20 day moving average crossing at 103.76 would confirm that a short term top has been posted. If June renews the decline off March's high, the 38% retracement level of the October-March rally crossing at 98.14 is the next downside target. First resistance is Tuesday's high crossing at 106.43. Second resistance is the reaction high crossing at 109.13. First support is the 20 day moving average crossing at 103.76. Second support is April's low crossing at 101.22.

Natural gas closed lower due to profit taking on Wednesday as it consolidated some of the rally off April's low. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If June extends the rally off last week's low, the reaction high crossing at 2.607 is the next upside target. Closes below the 20 day moving average crossing at 2.144 would signal that a short term top has been posted. First resistance is Tuesday's high crossing at 2.385. Second resistance is the reaction high crossing at 2.607. First support is the 20 day moving average crossing at 2.144. Second support is the reaction low crossing at 1.982.

Gold closed lower on Wednesday and the mid range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling sideways to higher prices are possible near term. Closes above the reaction high crossing at 1699.60 are needed to confirm that a short term low has been posted. If June renews the decline off February's high, the 75% retracement level of the December-February rally crossing at 1595.00 is the next downside target. First resistance is the reaction high crossing at 1681.30. Second resistance is the reaction high crossing at 1699.60. First support is April's low crossing at 1613.00. Second support is the 75% retracement level of the December-February rally crossing at 1595.00.

Get our FREE E-mini Trading Video, Audio Program, Course Demo, Charts, Trading Reports & More. LIVE Personal Training TODAY!

Crude Oil Closes Lower Despite a Surprising Decline in Supplies

Since reaching a high of just over $110 a barrel, this market has fallen back and moved sideways. We view the current action as positive longer term to drive crude oil prices up to the $120-$125 levels. A close this week over the $108.20 level should be viewed as extremely positive for this commodity.

We continue to like the chart formation which we believe will eventually push this market higher until early April. We are looking for crude oil to make its highs probably somewhere in the April May period. With a Score of -55, this commodity is in a trading range. With our monthly Trade Triangle in a positive mode, we expect to see further gains in crude oil. Long term traders should be long this market with appropriate money management stops.

April crude oil closed lower on Wednesday due to profit taking despite a surprising decline in domestic supplies. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned bullish despite today's setback signaling that sideways to higher prices are possible near term.

If April renews this winter's rally, the 2011 high crossing at 114.09 is the next upside target. Closes below last Thursday's crossing at 103.78 are needed to confirm that a short term top has been posted. First resistance is this month's high crossing at 110.55. Second resistance is the 2011 high crossing at 114.09. First support is last Thursday's low crossing at 103.78. Second support is the reaction low crossing at 97.73.

Check out our latest Video, Market Analysis and Forecast for the Dollar, Crude Oil, Gold, Silver, and the SP500

Crude Oil Bulls Maintain Advantage Inside New Trading Range

Crude oil Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If April extends this month's rally, the 87% retracement level of 2011's decline crossing at 109.54 is the next upside target. Closes below the 20 day moving average crossing at 100.75 would confirm that a short term top has been posted.

First resistance is Wednesday's high crossing at 106.72. Second resistance is the 87% retracement level of 2011's decline crossing at 109.54. First support is the 10 day moving average crossing at 102.88. Second support is the 20 day moving average crossing at 100.75. Thursdays pivot point is 106.20.


Check out today's 50 Top Trending Stocks

Global Jitters Send Crude Oil Higher and the Dow Hits 13,000!

Global jitters send crude oil higher! Let's check out our Trade Triangle technology to analyze and figure out oil’s next big target.

We were looking for a close in the April contract over the $103.38 level, that took place last Friday and we topped today. Today’s action we consider positive. See our special report on crude oil. We are looking for crude oil to make it’s highs probably somewhere in the May period.

With a Score of +100, this market is in a strong trend to the upside. We remain longer term positive on this market. With our monthly, weekly and daily Trade Triangles in a positive mode, we expect we will see further gains in crude oil. Traders should be long this market with appropriate money management stops.

March crude oil closed higher on Tuesday and above the 75% retracement level of 2011's decline crossing at 105.10 as it extended this month's rally. The high range close sets the stage for a steady to higher opening on Wednesday.

Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term. If March extends this month's rally, the 87% retracement level of 2011's decline crossing at 110.00 is the next upside target. Closes below the 20 day moving average crossing at 99.71 would confirm that a double top with January's high has been posted.

First resistance is today's high crossing at 106.07. Second resistance is the 87% retracement level of 2011's decline crossing at 110.00. First support is the 10 day moving average crossing at 101.05. Second support is the 20 day moving average crossing at 99.71.


Here is a preview of our MarketClub Trade Triangle Chart Analysis and Smart Scan technology



# 1 Trading Tip: DON’T FIGHT THE MARKET MOVE WITH THE MARKET!

Crude Oil Pulls Back on Renewed European Concerns and Demand

Crude oil fell overnight from the highest level weeks due to profit taking as it consolidates some of this week's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 101.29 are needed to confirm that a short term low has been posted. If March renews the decline off January's high, December's low crossing at 92.95 is the next downside target. First resistance is Thursday's high crossing at 100.18. Second resistance is the reaction high crossing at 101.29. First support is last Thursday's low crossing at 95.44. Second support is December's low crossing at 92.95.

Gold was lower overnight and poised to extend this month's decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 1709.00 are needed to confirm that a short term top has been posted. If April renews the rally off December's low, the 62% retracement level of the September-December decline crossing at 1772.80 is the next upside target. First resistance is last Friday's high crossing at 1765.90. Second resistance is the 62% retracement level of the September-December decline crossing at 1772.80. First support is the overnight low crossing at 1714.00. Second support is the 20 day moving average crossing at 1709.00.

Natural gas was slightly higher overnight. Stochastics and the RSI are bearish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 2.844 are needed to confirm that a short term low has been posted. If March renews the multi year decline, monthly support crossing at 1.960 is the next downside target. First resistance is last Monday's high crossing at 2.844. Second resistance is January's high crossing at 3.153. First support is January's low crossing at 2.289. Second support is monthly support crossing at 1.960.

Secrets of the 52 Week High Rule

Crude Oil Moves Higher on Reports of Shrinking Stockpiles

March crude oil was higher overnight and trading above the 20 day moving average crossing at 99.03. Stochastics and the RSI have turned bullish following Monday's rally signaling that a low has likely been posted. Closes above the reaction high crossing at 101.29 are needed to confirm that a short term low has been posted. If March extends the decline off January's high, December's low crossing at 92.95 is the next downside target. First resistance is the 20 day moving average crossing at 99.03. Second resistance is the reaction high crossing at 101.29. First support is last Thursday's low crossing at 95.44. Second support is December's low crossing at 92.95. Crude oil pivot point for Wednesday morning is 97.79.

March natural gas was lower overnight. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near term. Closes above the reaction high crossing at 2.844 are needed to confirm that a short term low has been posted. If March renews the multi-year decline, monthly support crossing at 1.960 is the next downside target. First resistance is last Monday's high crossing at 2.844. Second resistance is January's high crossing at 3.153. First support is January's low crossing at 2.289. Second support is monthly support crossing at 1.960. Natural gas pivot point for Wednesday morning is 2.514.

April gold was lower due to profit taking overnight. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1701.60 would confirm that a short term top has been posted. If April renews the rally off December's low, the 62% retracement level of the September-December decline crossing at 1772.80 is the next upside target. First resistance is last Friday's high crossing at 1765.90. Second resistance is the 62% retracement level of the September-December decline crossing at 1772.80. First support is Monday's low crossing at 1712.60. Second support is the 20 day moving average crossing at 1701.60. Gold pivot point for Wednesday morning trading is 1737.90.

10:30 AM ET. Feb 3 EIA Weekly Natural Gas Storage Report

Total Working Gas in Storage (previous 2966B)

Total Working Gas in Storage (Net Change) (previous -132B)

Was Friday’s Price Action in Gold Signaling a Top in the S&P 500?

Crude Oil Closes Higher But Bears Maintain the Momentum

February crude oil closed higher on Tuesday as it consolidates some of last week's decline. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If February extends last week's decline, December's low crossing at 92.70 is the next downside target.

If February renews the rally off December's low, the 75% retracement level of the 2011 decline crossing at 104.84 is the next upside target. First resistance is this month's high crossing at 103.74. Second resistance is the 75% retracement level of the 2011 decline crossing at 104.84. First support is last Friday's low crossing at 97.70. Second support is December's low crossing at 92.70.

Gold Trend Forecast for the 1st Quarter of 2012

Is This Pullback in Crude Oil a Buying Opportunity?

February crude oil closed lower on Friday as it extended yesterday's breakout below the 20 day moving average crossing at 99.40. The mid range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If February extends this week's decline, December's low crossing at 92.70 is the next downside target.

If February renews the rally off December's low, the 75% retracement level of the 2011 decline crossing at 104.84 is the next upside target. First resistance is last Wednesday's high crossing at 103.74. Second resistance is the 75% retracement level of the 2011 decline crossing at 104.84. First support is today's low crossing at 97.70. Second support is December's low crossing at 92.70.

The pullback in the crude oil market is setting up a buying opportunity once the downward momentum is over. A solid close over the $104 level is needed to drive this market to the $120 level. External world events can trigger moves in this commodity. With a Chart Analysis Score of +55, this market is now in a trading range. The crude oil market has major resistance at $104 and support at $97. Long and intermediate term traders should be long this market with appropriate money management stops.

Get our current Market Trend Forecasts

Crude Oil Bulls "Cling" to Bullish Trade Triangles

Crude oil closed lower due to profit taking on Thursday as it consolidates some of the rally off December's low. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term.

If February extends the rally off December's low, the 75% retracement level of the 2011 decline crossing at 104.84 is the next upside target. Closes below the 20 day moving average crossing at 98.84 would signal that a short term top has been posted.

First resistance is Wednesday's high crossing at 103.74. Second resistance is the 75% retracement level of the 2011 decline crossing at 104.84. First support is the 10 day moving average crossing at 100.55. Second support is the 20 day moving average crossing at 98.84.

Crude oils chart Analysis Score of +90 this market remains very much in a strong upward trend, despite today’s pullback. The crude oil market has resistance starting at $104 up to the $105 level. Long and intermediate term traders should be long this market with appropriate money management stops. Monthly, weekly and daily Trade Triangles all remain bullish.


Five Best Trade Ideas for the Next Two Weeks

Crude Oil Stochastics and RSI Turn Bearish, Sideways or Lower Prices Likely

Crude oil closed lower on Monday due to concerns over the global economy and the prospect for falling demand near term. A short covering rally tempered early session losses and the high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near term.

Closes below the reaction low crossing at 94.99 are needed to confirm that a short term top has been posted. If January renews the rally off October's low, the 75% retracement level of the May-October decline crossing at 105.42 is the next upside target.

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 the reaction low crossing at 94.99. Second support is the reaction low crossing at 89.05.

Look for the $100.00 area basis the January contract to offer stiff resistance for any rallies in this market. We would not be surprised to see this market move down to the lower band of its Donchian Trading Channel, around the $95 level.

With two of our Trade Triangles green, giving us a +65 Chart Analysis Score, it still appears as though the under lying elements of this market remain bullish. Long term, and intermediate term traders should be long this market with appropriate money management stops.


Gold’s 4th Wave Consolidation Nears Completion and Breakout

Gold Bulls Take The Advantage Going Into Thursday

Gold [February contract] closed higher on Wednesday and the high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

If February extends the rally off November's low, November's high crossing at 1806.60 is the next upside target. Closes below November's low crossing at 1670.50 would renew the decline off November's high.

First resistance is last Friday's high crossing at 1767.10. Second resistance is November's high crossing at 1806.60. First support is November's low crossing at 1670.50. Second support is the reaction low crossing at 1607.30.



Gold’s 4th Wave Consolidation Nears Completion and Breakout

Is this the top for Crude Oil?

Crude oil closed lower on Wednesday as it consolidates some of the rally off the November 25th low. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

If January renews the rally off October's low, the 75% retracement level of the May-October decline crossing at 105.42 is the next upside target. Closes below the reaction 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 the reaction low crossing at 94.99. Second support is the reaction low crossing at 89.05.


Gold’s 4th Wave Consolidation Nears Completion and Breakout

Crude Oil Bulls Take The Advantage Into Wednesday Trading

Crude oil closed higher on Tuesday as it extends the rally off the November 25th low. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If January renews the rally off October's low, the 75% retracement level of the May-October decline crossing at 105.42 is the next upside target. Closes below the reaction 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 the reaction low crossing at 94.99. Second support is the reaction low crossing at 89.05.

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

Natural gas closed higher due to short covering on Tuesday but not before spiking to a new contract low. Stochastics and the RSI are diverging but are turning bearish signaling that sideways to lower prices are possible near term. If January extends this year's decline, monthly support crossing at 3.225 is the next downside target. Closes above the reaction high crossing at 3.720 are needed to confirm that a short term low has been posted. First resistance is the reaction high crossing at 3.720. Second resistance is the reaction high crossing at 4.095. First support is today's low crossing at 3.405. Second support is monthly support crossing at 3.225.

Gold’s 4th Wave Consolidation Nears Completion and Breakout

Where is Crude Oil, Natural Gas and Gold Headed on Tuesday?

January crude oil closed higher on Monday as it consolidated some of the decline off this month's high but remains below the 10 day moving average crossing at 98.24. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 96.62 are needed to confirm that a short term top has been posted. 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. 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 the 20 day moving average crossing at 96.62. Second support is the reaction low crossing at 89.05.

December natural gas posted a key reversal down on Monday after failing to overcome resistance marked by the 20 day moving average crossing at 3.573. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 3.573 are needed to confirm that a short term low has been posted. If December renews this year's decline, monthly support crossing at 3.225 is the next downside target. First resistance is the 20 day moving average crossing at 3.573. Second resistance is the 25% retracement level of the June-November decline crossing at 3.786. First support is last week's low crossing at 3.285. Second support is monthly support crossing at 3.225.

Gold closed higher on Monday as it consolidated some of this month's decline but remains below the 20 day moving average crossing at 1743.50. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If December extends this month's decline, the reaction low crossing at 1604.70 is the next downside target. Closes above the 20 day moving average crossing at 1743.50 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 1725.20. Second resistance is the 20 day moving average crossing at 1743.50. First support is last week's low crossing at 1667.10. Second support is the reaction low crossing at 1604.70.


Is This December Similar to 2007 & 2008 for Gold & Stocks?

Crude Oil Opens at a Four Month High

Crude oil was slightly higher overnight before hitting $100 per barrel for the first time in nearly four months as it extends the rally off Octobers low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that additional short term gains are possible. If December extends the rally off Octobers low, the 62% retracement level of the May-October decline crossing at 100.08 is the next upside target. Closes below the 20 day moving average crossing at 94.17 would confirm that a short term top has been posted. First resistance is the 62% retracement level of the May-October decline crossing at 100.08. Second resistance is the 75% retracement level of the May-October decline crossing at 105.41. First support is the 10 day moving average crossing at 97.01. Second support is the 20 day moving average crossing at 94.17.

Natural gas was higher due to short covering overnight as it consolidates some of this week's decline. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term. If December extends this year's decline, monthly support crossing at 3.225 is the next downside target. Closes above the 20 day moving average crossing at 3.720 are needed to confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 3.616. Second resistance is the 20 day moving average crossing at 3.720. First support is the overnight low crossing at 3.387. Second support is monthly support crossing at 3.225.

Gold was lower overnight as it consolidates some of last Friday's rally. Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1738.50 are needed to confirm that a short term top has been posted. If December extends the rally off September's low, the 75% retracement level of September's decline crossing at 1826.50 is the next upside target. First resistance is the 75% retracement level of September's decline crossing at 1826.50. Second resistance is the 87% retracement level of September's decline crossing at 1875.10. First support is the 20 day moving average crossing at 1738.50. Second support is the reaction low crossing at 1681.20.

Crude Oil, Natural Gas and Gold Bulls All Take a Slide

Crude oil closed lower due to profit taking on Monday as it consolidated some of the rally off October's low. The mid range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If December extends the rally off this month's low, the 62% retracement level of the May-October decline crossing at 100.08 is the next upside target. Closes below the 20 day moving average crossing at 92.96 are needed to confirm that a short term top has been posted. First resistance is the 62% retracement level of the May-October decline crossing at 100.08. Second resistance is the 75% retracement level of the May-October decline crossing at 105.41. First support is the 10 day moving average crossing at 95.59. Second support is the 20 day moving average crossing at 92.96.

Natural gas gapped down and closed sharply lower on Monday as it extends this year's decline. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term. If December extends this year's decline, monthly support crossing at 3.225 is the next downside target. Closes above the 20 day moving average crossing at 3.758 are needed to confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 3.686. Second resistance is the 20 day moving average crossing at 3.758. First support is today's low crossing at 3.449. Second support is monthly support crossing at 3.225.

Gold closed lower on Monday and the low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1726.00 would confirm that a short term top has been posted. If December extends the rally off September's low, the 75% retracement level of the 2008-2011 rally crossing at 1826.50 is the next upside target. First resistance is the 75% retracement level of the 2008-2011 rally crossing at 1826.50. Second resistance is the 87% retracement level of the 2008-2011 rally crossing at 1875.10. First support is the 20 day moving average crossing at 1726.00. Second support is the reaction low crossing at 1681.20.


How to Trade Oil ETFs When $100 Per Barrel is Reached

Crude Oil Settles at a New 3 Month High, Natural Gas and Gold Extend Rally

Crude oil closed higher on Thursday as it extending this month's rally. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near term. If December extends the rally off this month's low, the 50% retracement level of the May-October decline crossing at 95.32 is the next upside target. Closes below the 20 day moving average crossing at 85.56 are needed to confirm that a short term top has been posted. First resistance is the 50% retracement level of the May-October decline crossing at 95.32. Second resistance is the 62% retracement level of the May-October decline crossing at 100.08. First support is the 20 day moving average crossing at 89.06. Second support is the reaction low crossing at 83.40.

Natural gas was lower Thursday while extending this month's trading range. Stochastics and the RSI are diverging but neutral signaling that sideways trading is possible near term. Closes above last Monday's high crossing at 4.039 are needed to confirm that a short term low has been posted. If December renews this year's decline, monthly support crossing at 3.225 is the next downside target. First resistance is the 25% retracement level of the June-October decline crossing at 4.133. Second resistance is the 38% retracement level of the June-October decline crossing at 4.336. First support is today's low crossing at 3.724. Second support is monthly support crossing at 3.225.

Gold also closed higher on Thursday as it extends the rally off September's low. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that additional strength is possible near term. If December extends the rally off September's low, the 62% retracement level of the 2008-2011 rally crossing at 1775.20 is the next upside target. Closes below last Thursday's low crossing at 1604.70 would confirm that a short term top has been posted. First resistance is the 62% retracement level of the 2008-2011 rally crossing at 1775.20. Second resistance is the 75% retracement level of the 2008-2011 rally crossing at 1826.50. First support is last Thursday's low crossing at 1604.70. Second support is September's low crossing at 1535.00.


Get Our Big Picture Index & Commodity Forecasts Here