Commodity Trading:Gold Silver and Crude Weekly Price Forecast

By | May 20, 2013

As discussed in US Dollar at 3-Year High, Whats next With the strong USD Silver and gold will be under pressure.Silver brokes its 2013 low today morning and Gold is heading towards its 2013 low of 1321, Currently trading at 1346$. Lets discuss the weekly price forecast of gold, silver and crude.

Gold Weekly Chart

goldweekly

As per Weekly charts gold is trading around its 200 WSMA@1445, unable to close above it gold will break its 2013 low of 1321 and head for 1250.

Gold Trend Deciding Level:1387

Gold Resistance:1400,1425 and 1450

Gold Support:1321,1293 and 1250

Levels mentioned are Gold Spot
Level mentioned are Spot levels.

 

Silver Weekly Chart

silverweekly

Silver has broken its 2013 low today and and is very near to its long term resistance of 19.69. If Silver breaks 19.69 on closing basis, we will panic decline till 18.8-17 odd levels. Positional traders can use the below level to take position in Crude. On Upside till 22.72 is not crossed trend remains Sell on Rise.

Silver Trend Deciding Level:22.72

Silver Resistance:23.50,24.47 and 25.10

Silver Support:20.9,19.69 and 18.80

 

 

Crude Weekly Chart

wti-jun13weekly

Crude was unable to cross the Weekly resistance line of 98.24 from past 33 weeks.Current week is 34 week and it will be intresting to watch the price action in crude around 98 odd levels.On Downside support lies at 91.4 and 200 Week Moving average of 88.2. Positional traders can use the below level to take position in Crude.

Crude Trend Deciding Level:96.45

Crude Resistance:97.5,99.1 and 101.5

Crude Support:93.2,91.1 and 88.90

Levels mentioned are Crude Spot

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