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Crude Oil, Gold and Silver Technical Forecast for Today, 17 July 2013. Eyes on Crude Oil.

Crude Oil
Pivot / Support and Resistance Levels according to Daily Chart:
S3: 103.743 | S2: 104.707 | S1: 105.243 | PP: 106.207 | R1: 106.743 | R2: 107.707 | R3: 108.243

cl-aug13daily

Crude Oil started yesterday as bullish and tested the 107.00 level which acted as a support and pushed it back down. Yesterday’s candle has a decent upper tail which indicates that sellers were in control. We like yesterday’s candle mainly that we think Crude Oil is overbought and expecting a neat correction. Crude Oil has the potential to move sideways between the 104.00 and 107.00 for a while. With that being said if it managed to close below the 104.00 we think we have a sell signal with at least 100.00 as a target.

Gold – XAU/USD
Pivot / Support and Resistance Levels according to Daily Chart:
S3: 1262.15 | S2: 1269.78 | S1: 1280.28 | PP: 1287.91 | R1: 1298.41 | R2: 1306.04 | R3: 1316.54

xauusddaily

Gold once again tested the 1300.00 level but wasn’t able to close above it. This level is acting as a major resistance point that is exhausting buyer. We would like to see Gold trading for a while above the 1300.00 level in order to buy it towards the 1350.00. For us if it managed to trade above the 1350.00 level in the short term, we think that the over all trend has reversed. As for bears and when it comes to selling, we advise you to step aside for the time being.

Silver – XAG/USD
Pivot / Support and Resistance Levels according to Daily Chart:
S3: 19.3490 | S2: 19.5190 | S1: 19.7490 | PP: 19.9190 | R1: 20.1490 | R2: 20.3190 | R3: 20.5490

xagusddaily

Looking at Silver’s chart, obviously that instrument did nothing yesterday. Silver is still struggling to break the 20.00 level with no luck so far. We need to see Silver trading for a while above the 20.00 level or even closing above it to start buying it towards the 21.50 level. When it comes to selling Silver, we haven’t changed our mind yet. We will not even dare to think about selling Silver before we see it trading below the 18.00 level.

About Ziad Melhem

Ziad Melhem
Ziad Melhem is the Admin of Forex.com.lb with more than 10 years of experience in the local and regional "financial wheel". With vast experience in equities, capital markets, foreign exchange, derivatives, technical analysis, and financial services, he is one of the pioneers in online trading when this financial product was first introduced to Lebanon around 2000-2001. Ziad is currently the CMO of Amana Capital Group (www.amanacapital.com).

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