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Crude Oil, Gold, Silver and Natural Gas Technical Forecast for Monday, 2 September 2013

Crude Oil
Pivot / Support and Resistance Levels according to Daily Chart:
S3: 105.080 | S2: 106.030 | S1: 106.850 | PP: 107.800 | R1: 108.620 | R2: 109.570 | R3: 110.390


Last Friday Crude Oil started the day bullish to find enough resistance forcing it to reverse and close forming a narrow range body candle with a significant upper tail indicating bearish power. However, on the short term we think if Crude Oil managed to break Friday’s high we have a buy signal with a target towards the 112.00 level. As far as selling is concerned, we think that breaking the 105.00 level might be a sell signal with a short term target towards the 103.00 level and a medium-long term target towards the 100.00 level.

Gold – XAU/USD
Pivot / Support and Resistance Levels according to Daily Chart:
S3: 1368.17 | S2: 1380.10 | S1: 1387.74 | PP: 1399.67 | R1: 1407.31 | R2: 1419.24 | R3: 1426.88


Last week Gold gave us a doji star with a long upper tail on the weekly chart indicating bearish power while on the daily chart we have a normal bearish candle. Obviously this instrument is currently bearish but it doesn’t excite us enough to sell it because we believe this bearish bias will last for a short term and that Gold will be offered enough support around the 1350.00 level. With that being said we advise you to sit on your hands for the time being and monitor this instrument carefully to see how the coming couple of candles will shape up.

Silver – XAG/USD
Pivot / Support and Resistance Levels according to Daily Chart:
S3: 22.6003 | S2: 22.9887 | S1: 23.2563 | PP: 23.6447 | R1: 23.9123 | R2: 24.3007 | R3: 24.5683


Last Friday Silver gave us a confusing bearish candle closing around the 23.50 level. On daily chart we think we have a short term buy signal above the high of Friday with a target around the 25.00 level. However on Weekly chart we have a medium-long term sell signal if Silver managed to break the low of last week and close below it with a target towards the 21.50 level. With that being said and whatever your decision was, we advise you to tighten your stop loss levels because we think this instrument might consolidate for few weeks before deciding its main direction.

Natural Gas
Pivot / Support and Resistance Levels according to Daily Chart:
S3: 3.4820 | S2: 3.5250 | S1: 3.5660 | PP: 3.6090 | R1: 3.6500 | R2: 3.6930 | R3: 3.7340


Last Friday Natural Gas tested both, the 3.5000 and 3.6000 levels with out any luck closing outside the zone formed between these two levels. We still believe that a closing above the 3.60 level could give us a buy signal above the high of that closing while on the other hand a closing below the 3.5000 level could give us a sell signal below the low of that closing. With that being said and until then, we prefer to sit aside and monitor this instrument carefully.

About Ziad Melhem

Ziad Melhem
Ziad Melhem is the Admin of 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 (

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