Forex Lebanon: Analysis, News, Reports, Videos and Charts!
Crude Oil
Pivot / Support and Resistance Levels according to Daily Chart:
S3: 105.713 | S2: 106.607 | S1: 107.503 | PP: 108.397 | R1: 109.293 | R2: 110.187 | R3: 111.083
Last week Crude Oil showed power and was very bullish testing the 109 level. Obviously this instrument is overbought and the pullback should happen very soon. We are thinking “Sell” about Oil and we will be selling it whenever the first reversal signal shows up. Regarding Bulls and buying Oil at this level, we have no idea why would some one think “buy” looking at Oil’s chart. To summarize things, we think a sharp pullback is just a matter of time. We think that the higher Oil continues to go up, the sharper the pullback will be. Until then…
Gold – XAU/USD
Pivot / Support and Resistance Levels according to Daily Chart:
S3: 1271.04 | S2: 1276.66 | S1: 1286.31 | PP: 1291.93 | R1: 1301.58 | R2: 1307.20 | R3: 1316.85
Last week Gold consolidated and kept moving sideways all week long. Gold kept testing the $1300 level but wasn’t able to break it and close above it. As we kept repeating last week, closing above $1300 means a short term buy signal towards the $1350, the first strong resistance level. Breaking the $1350 level could mean a big reversal in the trend towards the $1600 possibly. With that being said we think that Gold has a strong support at $1200. Breaking this level could mean a bearish move towards the floor of the mighty $1000.
Silver – XAG/USD
Pivot / Support and Resistance Levels according to Daily Chart:
S3: 19.0067 | S2: 19.1623 | S1: 19.3377 | PP: 19.4933 | R1: 19.6687 | R2: 19.8243 | R3: 19.9997
Last week Silver was bearish and suffered trying to break the $20 level. Silver is forming a base, some buyers might think a base at this level is a bullish sign. We think that buyers shouldn’t feel comfortable about Silver until it closes above the $20. Regarding Sellers, we will only think “Sell” about Silver when we see it breaking the $18 level. If Silver managed to break the $18 level, we think a possible target would be $15.50.
