Weekly Technical Outlook

GOLD

Gold dropped to as low as 1562.5 last week before forming a temporary low there and recovered. Initial bias is neutral this week for some consolidations. But recovery should be limited below 1667.1 support turned resistance and bring another fall. Below 1562.5 will target 1535 key support and below

SILVER

Silver dropped further to as low as 28.12 last week before forming a temporary low there and recovered. Initial bias is neutral this week for some consolidations. But upside of recovery should be limited by 30.65 support turned resistance and bring another fall. Below 28.12 will target 26.15 key support level next

CRUDE

Crude oil dropped to as low as 92.52 last week as correction from 103.37 resumed. Further decline is expected this week as long as 95.99 minor resistance holds. Current fall should extend to 138.2% projection of 103.37 to 94.99 from 102.44 at 90.86. On the upside, above 95.99 will indicate that a temporary low is at least formed and should flip bias back to the upside for rebound back to 100 psychological level and above.

(source: oil & gold)