http://forexforums.dailyfx.com Discuss Commodities and Global Indices with a CFDs specialist. en Sat, 21 Nov 2009 23:36:16 GMT vBulletin 60 http://forexforums.dailyfx.com/images/dfx2009/misc/rss.jpg http://forexforums.dailyfx.com http://forexforums.dailyfx.com/commodities-global-indices/61025-oil-gold.html Fri, 06 Feb 2009 19:09:29 GMT *NYMEX Crude Oil Slips Further on Stock Market... NYMEX Crude Oil Slips Further on Stock Market Pullback
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Monday, 02 February 2009 21:53:08 GMT
Written by David Rodriguez, Quantitative Analyst

NYMEX crude oil prices resumed declines on the day’s trade, falling substantially through early-morning European session trading. There was no particular rhyme or reason for the decline, and indeed the sudden sharp drops surprised most participants given the dearth of noteworthy fundamental developments.

Commodities - Energy

NYMEX Crude Oil Futures Tumble on Broader Financial Market Distress

Crude Oil (WTI) $40.32 -$1.36 -3.26%

NYMEX crude oil prices resumed declines on the day’s trade, falling substantially through early-morning European session trading. There was no particular rhyme or reason for the decline, and indeed the sudden sharp drops surprised most participants given the dearth of noteworthy fundamental developments. That being said, our technical forecast for oil shows that the NYMEX contract reversed off of key resistance—suggesting further losses are possible. Traders will next watch developments out of upcoming Department of Energy Crude Inventories releases.

Upcoming Department of Energy Inventories

Gold and Silver Lose their Luster

Gold $905.50 -$21.80 -2.35%
Gold prices have definitively broken above key technical resistance, and the COMEX contract now looks to test multi-month highs near the 940.00 level. Recent multi-week momentum clearly favors further short-term gains, and we see relatively little in the way of noteworthy short-term resistance. Of course, prices remain in sharply overbought territory, and the risk of a retracement is relatively high. All the same, our next price target calls for a move towards 940 and leaves the door open for a break higher.

Silver $12.400 -$0.165 -1.31%
COMEX silver prices have recently resumed their multi-month uptrend, but silver likewise runs the risk of failing at important support. The 11.85 mark represents the 61.8 percent Fibonacci retracement of the 13.74-8.81 move, and previous failure near said mark suggests that silver bulls may have difficulty pushing the contract beyond resistance. Otherwise, it will be important to watch recent support levels slightly below the 10.50 level. A break in either direction will clarify our short-term trading bias. ]]> Commodities and Global Indices CFDTrading http://forexforums.dailyfx.com/commodities-global-indices/61025-oil-gold.html