Gold, Silver Strong; Crude Eyeing Reversal
Suyog Chandak | Aug 05, 2016 03:00AM ET
Gold
As suggested yesterday, gold bounced of 1355. Gold looks strong and is in an upward trend. The moving averages have caught up and it looks ready to break 1400.
The important Nonfarm Payrolls data coming out today could set direction for gold for the coming week. This data is also very crucial for the Fed to decide interest rates, so I will be keeping a close eye on it. Gold put in a bullish candle yesterday and I expect continuation.
Current call: Hold longs for a pop to 1400
Silver
As suggested yesterday, silver bounced off support and now looks set to break year highs. It put in a bullish candle and I look to go long above 20.5. The moving averages have caught up and the setup looks good.
Current call: Long above 20.5 for a pop above year highs
Crude
Crude has put in 2 great looking candles for a reversal. I stopped at resistance of $42 yesterday. The setup looks good and it looks like there could be a reversal. It needs to break yesterday's highs for further confirmation. I feel it could be a quiet trading session with crude putting in an inside day since it needs to digest the move from the last 2 days.
Current call: Long above 42 area
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