Commodities Analysis
AvaTrade | Jan 24, 2012 08:52AM ET
The market is trading around and above the support at 97.70. We still see first resistance at 101.28.
If oil moves lower through 97.70 we might test 96.64 next.
Looking up, if the market breaks through 101.28, we could test the resistance at 103.35, which is the mid November 2011 high.
The yellow metal is now testing resistance found at 1677.05. This is a former support level as well. We see strong resistance at 1686.98. A break above 1686.98 might test 1700 next.
Alternatively, we see support at 1654.13 (channel support). A break and or daily close below that might test 1638.84 next.
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