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Crude Oil, Gold, Silver and Natural Gas Technical Forecast for Tuesday, 3 September 2013

Crude Oil
Pivot / Support and Resistance Levels according to Daily Chart:
S3: 105.017 | S2: 105.573 | S1: 106.157 | PP: 106.713 | R1: 107.297 | R2: 107.853 | R3: 108.437

cl-oct13daily

Yesterday, Crude Oil started the day bearish to reverse and end the day significantly bullish. We think politics and things happening in Syria will highly affect Crude Oil fundamentally more than technically. That is why we think that any strike taking place in Syria will push the prices higher. Thus, we believe that breaking yesterday’s high is a strong buy signal with a first target towards the 110.00 and a second one around the 113.00 level. As far as selling is concerned, we can’t think “sell” as long as Crude Oil is trading above the 103.00 level.

Gold – XAU/USD
Pivot / Support and Resistance Levels according to Daily Chart:
S3: 1380.41 | S2: 1384.35 | S1: 1389.15 | PP: 1393.09 | R1: 1397.89 | R2: 1401.83 | R3: 1406.63

xauusddaily

Yesterday Gold started the day significantly bearish and tested the 1375.00 level which offered this instrument enough support to push it back up to test and close a little bit below the 1400.00 level. With that being said, we think Gold is still bullish and breaking the 1400.00 level could take it higher towards the 1500.00 level, its first target. As far as selling is concerned, we can’t think “sell” about Gold as long as it is trading above the 1300.00 level.

Silver – XAG/USD
Pivot / Support and Resistance Levels according to Daily Chart:
S3: 23.5793 | S2: 23.7527 | S1: 23.9723 | PP: 24.1457 | R1: 24.3653 | R2: 24.5387 | R3: 24.7583

xagusddaily

Yesterday Silver was significantly bullish and ended the day with a large body green candle testing and closing around the 24.00 level. With that being said, we believe that breaking highs means nothing but a confirmation to what we expected yesterday. We think Silver is heading towards the 25.00 level in the short term. With that being said and as far as selling is concerned, we are currently not interested with all the bullish power this instrument is showing us.

Natural Gas
Pivot / Support and Resistance Levels according to Daily Chart:
S3: 3.5690 | S2: 3.5980 | S1: 3.6320 | PP: 3.6610 | R1: 3.6950 | R2: 3.7240 | R3: 3.7580

ngas-oct13daily

Yesterday Natural Gas tested new highs and is currently trading a little bit above the 3.60 level. With that being said we believe that this instrument is currently overbought and on the medium-long term it is still bearish. Natural Gas is currently testing the Simple Moving Average 200 which we believe might offer it enough resistance to reverse it. That is why we prefer to sit aside and monitor this instrument closely for the first bearish reversal signal to show up.

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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