Technical Analysis: Commodities– Nov 20
Technical Analysis for November 20, 2014
XAU/USD (GOLD) has been moving around 1188 – 1200 level and made no new attempts at all. A break over 1205 will target 1240 next and a lower leg under 1175 will target 1150 next.
XAG/USD (SILVER) No big change in XAG/USD from last movement. XAG/USD has went over 16.2 line and rebound to 16.09 level. A higher leg over 16.3 level will target 16.5 level and a break lower than 15.75 will target 15.3 next. Due to the increased volatility, a break will send the price to a new trend.
Crude Oil has been moving lower to 73 level and rebounce to 76. But the last movement shows a lower leg targeting 74 and even lower. Even after a small rebound, Crude Oil still trading around 74.5 level and will keep targeting 73. Long term downtrend still intact, bearish.
Copper has been trading around 3 – 3.08 level and attempts to move breaks higher. A break under 3 level will target 2.975 next and a break higher over 3.06 will target 3.1 next. A break is very likely due to the volatility in the market.
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