Technical Summary: GOLD Reversal Rally Eyes The 1,127.00 Level
GOLD was seen reversing its two-day loses on Friday bouncing off the 1,099.33 level and targeting its Feb 17’10 high at 1,127.00. The commodity will have to decisively break and hold above that level to create scope for the resumption of its corrective recovery triggered off the 1,044.20 level. The 1,141.48 level comes in as the next resistance. CRUDE OIL remains on the offensive following through on its Thursday recovery and testing a high of 80.24 on Friday. The commodity requires a break and hold above the 79.43/80.72 level to open the door for further upside gains towards its 2010 high at 83.93. SILVER now looks to head higher towards the 16.92 level following a reversal of its two-day correction on Friday. A break and hold above the 16.92 level will create further upside risk towards the 17.23 level. Although WHEAT still retains its corrective recovery bias, its failure at the 509 level and its subsequent declines has halted further corrective upside gains and turned threats to the downside towards its YTD low at 466. CORN maintains a similar pattern like Wheat. It has turned lower off the 368 level and now eyes its 2010 low at 347 though currently seen hesitating.....more detail
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