Technical Analysis: Commodities – Nov 17
Technical Analysis for November 17, 2014
XAU/USD (GOLD) has shown a higher leg to break 1185 line and it will target 1200 next. Although the market’s trend is quite strong, a high reversal for another lower leg is very likely in short term and a break lower than 1165 will target 1140 next.
XAG/USD (SILVER) has been trading sideways around 15.40 – 15.85 level, so Long term downtrend still intact in XAG/USD chart. A higher leg above 16 will make 16.2 as the next target and a lower leg under 15.2 will bring the price to a newer low level.
Crude Oil has rebounded some of their last movement but overall, the downtrend still intact. A break higher than 76.5 will bring the Crude Oil back to 77.4 level and a break under 75 will target a new lower price next.
Copper has broken the 3.06 line and it will target 3.1 next. A reversal under 3.02 will target 3 next and market will still in trading range around 3 – 3.08 level.
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