GOLD Spot

The yellow metal jumps higher to break above two-week range and post marginally fresh yearly high at 1791.10 vs Feb’s one at 1790.80. As bulls on weekly chart remain fully in play, with the latest movements seen as consolidation, focus at the upside at next significant barrier at 1800. However, clear break and close above 1791 is required to confirm fresh direction, with day’s low at 1763, also 55 day EMA and regression line, offering good support. Improving near-term studies remain supportive for now.

Res: 1791, 1795, 1800, 1828
Sup: 1780, 1770, 1763, 1753

gold




SILVER Spot

Silver spiked to fresh seven-month high at 35.36, after fresh strength from today’s low at 34.14, where 55 day EMA contained dips, cleared previous 21 Sep high and near-term range top. Overall bullish tone stays intact, despite extended daily studies, with near-term studies gaining momentum and looking for fresh extension higher after two weeks of directionless trading. Lift above 35.36 to expose next target at 35.66, Oct 2011 high, with close above psychological 35.00 barrier, seen supportive.

Res: 35.17, 35.36, 35.66, 36.00
Sup: 34.73, 34.61, 34.50, 34.27

silver



CRUDE OIL (Nov)

Crude oil’s fresh strength breaks above 92.69 and 93.17 barriers, after corrective pullback found support at 91.25. With near-term studies moving into positive territory, immediate focus turns towards key near-term barriers at 93.50/82, 55 day MA / 21 Sep high and inverted H&S neckline, as well as 94.00, previous higher base, break of which is expected to trigger fresh bulls and confirm bottom at 90.00 zone and allow for stronger retracement of 100.72,/88.94 descend. Previous barriers at 93.00 and 92.69, now revert to initial supports, while only loss of 91.25, today’s low, would delay bulls.

Res: 93.50, 93.82, 94.00, 94.83
Sup: 93.00, 92.69, 92.00, 91.53

crude