With the Greece bailout uncertainty out of the way, one may see some sanity in key commodities next week, mainly Gold and Silver. The Eurozone has agreed for a four-month extension on the Greece bailout, Greece
According to reports, the Greek finance minister Yanis Varoufakis was quoted as saying -
The four-month period will be a time to rebuild new relations with Europe and the IMF.
Gold (down 2.3 per cent) and Silver (down per cent) suffered huge losses last week amid the uncertainty and fears of the talks failing.
GOLD OUTLOOK
Gold seems to be trading on a weak ground both on the daily and the weekly charts. As per the weekly charts, Gold is likely to witness downward pressure as long as prices remain below the 20-WMA (Weekly Moving Average) at $ 1,215 per ounce.
Sustained trade below the 20-WMA, can force Gold drop towards the lower-end of the Bollinger Band on the weekly charts - a target of $ 1,137 per ounce.
Key momentum oscillators on the daily charts are also in favour of the bears. The MACD (Moving Average Convergence Divergence), the ADX (Average Directional Index) and the Stochastic Slow are all in favour of the bears. The 14-day RSI (Relative Strength Index) however is near oversold zone.
As per the weekly Fibonacci charts, the NYMEX Gold futures can drop to $ 1,185-1,180.50-1,175.70, while on the upside can face resistance around $ 1,215.30-1,220-1,224.70.
SILVER OUTLOOK
The NYMEX Silver futures too have closed a wee bit below the 20-WMA - which is at $ 16.625.
However, the daily charts indicate near support for Silver around the lower-end of the Bollinger Band on the daily charts at $ 16.18-odd levels.
Among the key momentum oscillators on the daily charts - the MACD (Moving Average Convergence Divergence), the ADX (Average Directional Index) and the Stochastic Slow are all negative. The 14-day RSI (Relative Strength Index) is near oversold zone.
As per the weekly Fibonacci charts, the NYMEX Silver futures can drop to $ 15.82-15.68-15.54, while on the upside can face resistance around $ 16.71-16.85-16.99.
CRUDE OIL OUTLOOK
The Crude Oil futures are likely to trade in range in the near term, as the upside for the energy contract seem to be capped around $ 54-56.50 on the daily charts. On the downside, the Crude Oil futures are likely to find considerable support around $47-48.
The overall trend for Crude Oil may turn positive only if the energy contract manages to sustain above $ 52 per barrel on a consistent basis. Failure to do so can trigger a re-test of its recent lows around $ 44-odd levels.
Among the key momentum oscillators on the daily charts - the MACD (Moving Average Convergence Divergence) and the Stochastic Slow are in favour of the bulls. The ADX (Average Directional Index) is still negative, while the 14-day RSI (Relative Strength Index) is in neutral mode.
As per the weekly Fibonacci charts, the NYMEX Crude Oil futures can drop to $ 51.32-50.86-50.39, while on the upside can face resistance around $ 54.32-54.78-55.25.
According to reports, the Greek finance minister Yanis Varoufakis was quoted as saying -
The four-month period will be a time to rebuild new relations with Europe and the IMF.
Gold (down 2.3 per cent) and Silver (down per cent) suffered huge losses last week amid the uncertainty and fears of the talks failing.
GOLD OUTLOOK
Gold seems to be trading on a weak ground both on the daily and the weekly charts. As per the weekly charts, Gold is likely to witness downward pressure as long as prices remain below the 20-WMA (Weekly Moving Average) at $ 1,215 per ounce.
Sustained trade below the 20-WMA, can force Gold drop towards the lower-end of the Bollinger Band on the weekly charts - a target of $ 1,137 per ounce.
Key momentum oscillators on the daily charts are also in favour of the bears. The MACD (Moving Average Convergence Divergence), the ADX (Average Directional Index) and the Stochastic Slow are all in favour of the bears. The 14-day RSI (Relative Strength Index) however is near oversold zone.
As per the weekly Fibonacci charts, the NYMEX Gold futures can drop to $ 1,185-1,180.50-1,175.70, while on the upside can face resistance around $ 1,215.30-1,220-1,224.70.
SILVER OUTLOOK
The NYMEX Silver futures too have closed a wee bit below the 20-WMA - which is at $ 16.625.
However, the daily charts indicate near support for Silver around the lower-end of the Bollinger Band on the daily charts at $ 16.18-odd levels.
Among the key momentum oscillators on the daily charts - the MACD (Moving Average Convergence Divergence), the ADX (Average Directional Index) and the Stochastic Slow are all negative. The 14-day RSI (Relative Strength Index) is near oversold zone.
As per the weekly Fibonacci charts, the NYMEX Silver futures can drop to $ 15.82-15.68-15.54, while on the upside can face resistance around $ 16.71-16.85-16.99.
CRUDE OIL OUTLOOK
The Crude Oil futures are likely to trade in range in the near term, as the upside for the energy contract seem to be capped around $ 54-56.50 on the daily charts. On the downside, the Crude Oil futures are likely to find considerable support around $47-48.
The overall trend for Crude Oil may turn positive only if the energy contract manages to sustain above $ 52 per barrel on a consistent basis. Failure to do so can trigger a re-test of its recent lows around $ 44-odd levels.
Among the key momentum oscillators on the daily charts - the MACD (Moving Average Convergence Divergence) and the Stochastic Slow are in favour of the bulls. The ADX (Average Directional Index) is still negative, while the 14-day RSI (Relative Strength Index) is in neutral mode.
As per the weekly Fibonacci charts, the NYMEX Crude Oil futures can drop to $ 51.32-50.86-50.39, while on the upside can face resistance around $ 54.32-54.78-55.25.
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