Tuesday, May 29, 2012

Tuesday May 29th Crude oil, Gold, Silver, Copper

I apologise for the lack of posts, I had a  bit of struggle to keep up with everything.
This market has been dead since last Thursday and chopped around.  Bearish sentiment hit extremes last week (

Looking for a bounce in Oil ... Remember buy dips not rips ...

July WTI is a bullish crab pattern off the round $90 level, the trend is clearly down but we have a lot lined up in favour of a bounce here (to sell again later)  At the very least we will retest 95.43
Brent (loves the 78.6fib)

Copper

Gold - 4hr chart
Smart reversal at the 50fib and 1600 level could mean a retest & break of the 1526 lows next.  However if risk appetite improves and we break the 1600 resistance level then 1620 is resistance and 1640 resistance completes a bearish bat harmonic pattern for a sell.

Silver weekly chart 
Like gold its in a pretty clear buy zone and two weekly hammers (last week also an inside bar)  but something about this chart just says lower to me.  The daily making a nice tight consolidation triangle for a breakout trade. If we break higher I would look for price action at $30, 31 or 32.10 to resell
Silver 4hr chart

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