Crude Oil Weekly Price Forecast: The West Texas Intermediate Crude Oil market has initially pulled back during the course of the week but then rallied again to show signs of resiliency. The $60 level looks to be supportive and of course we have a significant amount of support based upon that longer-term trendline.
Gold Price Forecast : Gold markets have gone back and forth during the course of the week, jumping around the $1700 level as a fulcrum. Ultimately, we also have the 61.8% Fibonacci retracement level in that area, which would suggest that technical traders might be involved here as well.
Gold Price Forecast : Gold markets have drifted a little bit during the trading session to the downside on Friday, breaking below the 200 day EMA in signs of weakness.
Silver Price Forecast : Silver markets rallied a bit on Tuesday, bouncing from the 50 day EMA. at the end of the day the market looks as if it is simply waiting on the FOMC.
The gold markets pulled back slightly during the trading session on Thursday as we are looking for more momentum to continue going higher.
Gold markets fell significantly on Monday but found buyers near the important $1800 level which coincides nicely with the 200 day EMA.
Gold Price Forecast – Gold markets got absolutely hammered during the trading session on Friday, slicing through the 50 day EMA, after breaking through the previous downtrend line. At this point time, the market is likely to continue to go lower, perhaps reaching towards the 200 day EMA.
Silver markets continue to see a lot of choppiness but overall upward momentum. At this point in time, the $28 level will more than likely cause a certain amount of resistance, as it is a large, round, psychologically significant figure, and an area where we have been selling off previously.
Gold markets have gone back and forth during the course of the trading session on Tuesday as we are struggling just below the $1950 level. If we can break above the top of the $1950 level, then the market looks likely to go looking towards the $2000 level.
The West Texas Intermediate Crude Oil market has initially rally during the trading session on Monday but has given back the gains as we got close to the $50 level. The $50 level of course is a psychological barrier, so it tends to attract a lot of attention.