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Thursday, February 23, 2012

Commodities Gold, silver, Crude oil, Copper

GOLD

broke out now looking to challenge 1800 resistance level.



SILVER

Approaching down trend line, and 200 day MA at 35.03.
a break above could see sharp rally


CRUDE OIL


Above resistance at 104, after large consolidation.  Oil short term overbought, but with tensions rising with Iran, should not give much back and may well be on to much higher targets 129 (measured move). Initial target 111/115 before significant correction







COPPER


Copper may also have competed a correction from overbought levels.  Key level downside 365. If correction over should now be heading to 400, and beyond that the triangle target is still at 450 ish.


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