TECHNICAL OUTLOOK ON GOLD SILVER AND CRUDE FOR NEAR TERM

COMEX GOLD TECHNICAL OUTLOOK:- Comex Gold (GC)
Gold rally resumes and reaches as high as 978.5 so far today. Break of 967.6 resistance confirms that correction from 1007.7 has completed at 865 already. And further rally should now be seen to retest 1007.7/1033.9 resistance first. On the downside, though, below 945.4 support will suggest that a short term top is formed and turn outlook neutral.
In the bigger picture, the corrective structure of the fall from 1007.7 so far is consistent with the bullish case. That is, rise from 681 is resumption of long term up trend after triangle consolidation from 1033.9 completed at 681. Retest of 1007.7/1033.9 resistance zone should now be seen. Decisive break there will confirm long term up trend resumption. On the downside, while another fall cannot be ruled out for the moment, we'll hold on to the bullish case as long as 801.5 cluster support (61.8% retracement of 681 to 1007.7 at 805.7 ) remains intact

COMEX SILVER TECHNICAL OUTLOOK:-Comex Silver (SI)
Silver rises further to as high as 15.58 today so far and at this point, intraday bias remains on the upside as long as 15.125 minor support holds. Current rally is expected to extend to 16.08 medium term support turned resistance next. On the downside, below 15.125 will turn intraday outlook neutral first. But break of 14.306 support is needed to indicate that Silver has topped out. Otherwise, short term outlook remains bullish.
In the bigger picture, with Silver staying above 55 weeks and 55 months EMA, rise from 8.4 is treated as either part of the consolidation from 21.44 or resumption of the long term up trend. Hence, current rise is expected to extend further into resistance zone at 16.05 and 19.55, with prospect of retesting 21.44 high. We'd hold on to this bullish view as long as 11.725 support holds
NYMEX LIGHT SWEET CRUDE:-Nymex Crude Oil (CL)
Crude oil rises further to as high as 66.36 today and at this point, intraday bias remains on the upside as long as 64.66 minor support holds. Current rally is expected to extend further to 55 weeks EMA (now at 67.29) next. On the downside, below 64.66 will turn intraday outlook neutral first. But break of 59.61 support is needed to indicate that crude oil has topped out. Otherwise, further rally is still in favor.
In the bigger picture, whole medium term rebound from 33.2 is still in progress with crude oil staying well inside rising channel and above 55 days EMA. There is no sign of topping yet and such rally is still in favor to continue. Nevertheless, the main question remains on whether such rebound is resuming the long term up trend or is it merely correction to the fall from 147.27. In any case, medium term outlook will remain bullish as long as crude oil stays above channel support and further rally to 55 weeks EMA at 67.33 and 55 months EMA at 68.85 is still in favor even in case of pull back. However, note that failure to sustain above the mentioned EMAs, followed by break of the channel support, will suggest that rise from 33.2 has completed and will turn outlook bearish for a retest of 33.2 low.
NYMEX NATURAL GAS:-Nymex Natural Gas (NG)
Natural gas' rebound from 3.388 is much stronger than expected but after all, upside is still limited by 61.8% retracement of 4.575 to 3.388 at 4.120. Outlook remains neutral for the moment. Below 3.821 minor support will suggest that rebound from 3.388 has completed and will flip intraday bias back to the downside for this low first. On the upside, though, firm break of 4.120 fibo resistance will argue that fall from 4.575 is merely a correction to rise from 3.155 and will bring retest of this resistance.
In the bigger picture, outlook is rather mixed for the moment as rebound from 3.155 might have completed at 4.575 already. Below 3.388 will affirm the case that such rise is merely a correction in the larger down trend. Break of 3.155 low will target 3.0 psychological support next, with prospect of further weakness to 100% projection of 15.78 to 4.593 from 13.69 at 2.50. On the upside break of break of 4.575 will revive the case the natural gas has bottomed out in medium term and bring rebound to 38.2% retracement of 13.69 to 3.15 at 7.18. (FOR TRADING RECOMMANDATION IN MCX AND PHYSCAL TRADE CONTACT US ON PHONE OR MESSENGER ENJOY TRADING)