GOLD and CRUDE Charts

By | February 12, 2009


West Texas Crude is testing the band of support between $33 and $35/barrel. A close below $35 or intra-day break below $33 would warn of a down-swing to test the 2003 low of $20. The target is calculated as 35 – (50 – 35).

Spot gold broke through resistance at $930, indicating another test of $1000. Retracement that respects the new support level would strengthen the signal. Reversal below the recent low at $890 is less likely, but would warn of another test of $700. In the longer term, breakout above $1000 would offer a target of $1200; calculated as 900 + ( 1000 – 700 ).

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