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The following are forecasts for Thursday’s trading session. They may, at times, be at odds with the three-day and weekly trends in the table below.
Intraday ICE Brent crude: November futures are heading back towards support at $92.83 a barrel, where the 78.6% Fibonacci retracement of mid-September’s advance comes in. Below it support is seen at Tuesday’s $91.10 low point. Minor resistance is found around $95.91, the 61.8% Fibonacci retracement, and at $97.19.
Weekly chart ICE Brent crude trend: Bearish.
Intraday Nymex light sweet crude: November futures are within a stone’s throw of $98.11 a barrel minor support, where the 61.8% Fibonacci retracement of mid-September’s rise is to be found. Below that, $97.02, the Sept. 19 low, and $94.73 support, 78.6% Fibonacci retracement, will be in the limelight. Minor resistance is found around the $100 mark and at $100.49, that’s the 50% Fibonacci retracement.
Weekly chart Nymex light sweet crude trend: Bearish.
Comex gold: December gold futures are likely to slip back to $869.7 a troy ounce, where the 50% Fibonacci retracement of the July-September decline is seen. Further down is Tuesday’s $860.1 low point. Minor resistance sits at $880.4, that’s Wednesday’s Access session low, and at the $900 mark.
Weekly chart Comex gold trend: Bouncing.
Intraday Comex silver: December silver futures could be back on the way to $12.38 a troy ounce minor support, a fall through which will have $11.80 support, Tuesday’s low, in focus. Minor resistance is seen at $12.72, Monday’s low, and at $12.905.
Weekly chart Comex silver trend: Bouncing.
Commodity Technicals 02-10-08
| ?Futures: | ICE Crude (Nov) | NYMEX Crude (Nov) | COMEX Gold (Dec) | COMEX Silver (Dec) |
|---|---|---|---|---|
| 0710 GMT | 94.89 | 98.32 | 876.60 | 12.530 |
| 3 Day Trend | Bearish | Bearish | Capped | Bearish |
| Weekly Trend | Bearish | Bearish | Bouncing | Bouncing |
| 3rd Resistance | 98.08 | 102.87 | 915.20 | 13.080 |
| 2nd Resistance | 97.19 | 100.49 | 900.00 | 12.905 |
| 1st Resistance | 95.91 | 100.00 | 880.40 | 12.720 |
| Pivot* | 96.13 | 99.11 | 876.10 | 12.543 |
| 1st Support | 92.83 | 98.11 | 869.70 | 12.380 |
| 2nd Support | 91.10 | 97.02 | 860.10 | 12.010 |
| 3rd Support | 88.90 | 94.73 | 849.70 | 11.800 |
* The pivot is the sum of the high, low and close divided by 3.
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