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old rose further to as high as 1765.6 last week but lost momentum and retreated sharply. Initial bias is neutral this week for some consolidations. But near term outlook remains cautiously bullish as long as 1703.0 support holds. Rise from 1523.9 is expected to continue further to 1804.4 resistance. Decisive break there will confirm our bullish view that whole correction from 1923.7 has completed with three waves down to 1523.9. In such case, stronger rise should be seen to retest 1923.7 and above. However, note that break of 1703.0 support will argue that rebound from 1523.9 is finished and will flip bias back to the downside for this support instead.

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Gold Weekly Technical Outlook

Silver’s rally from 26.145 extended further to as high as 34.41 last week. Upside momentum was unconvincing with bearish divergence condition in 4 hours MACD. But with 32.93 support intact, another rally is still mildly in favor. Above 34.41 will target 35.70 key resistance next. However, break of 32.93 will argue that rise from 26.145 is finished already and should flip bias back to the downside for this support instead.

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Silver Weekly Technical Outlook

Crude oil dipped to as low as 95.44 last week but formed a temporary there and recovered. Initial bias is neutral this week first. On the downside, below 95.44 will bring another decline but after all, we’d we’d expect strong support from 92.52 cluster support (38.2% retracement of 74.95 to 103.74 at 92.74). to contain downside and bring rebound. Meanwhile above 101.29 will be the first signal that recent consolidative trading has finished and flip bias back to the upside for a test on 103.74 resistance.

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Crude Oil Weekly Technical Outlook

Natural gas’s decline attempt was contained at 2.483 last week and recovered. The development suggests that consolidation from 2.231 short term bottom is going to extend further. Initial bias remains neutral this week for more sideway trading. Above 2.844 will bring stronger rise. But after all, upside is expected to be limited by 3.12 cluster resistance (61.8% retracement of 3.689 to 2.231 at 3.132) and bring down trend resumption. Below 2.483 will flip bias to the downside for 2.231 low first. Break will confirm fall resumption for 2.130 projection level next.

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Natural Gas Weekly Technical Outlook

It was rather an eventful week despite the absence of major central bank meeting. Germany’s Chancellor Angela Merkel started her 3-day trip in China, meeting leaders of the world’s second largest economy for discussions on resolution of the Eurozone sovereign debt crisis, Iranian and Syrian issues, and rare earth restriction. Chinese Premier Wen Jiabao stressed that solving the European debt crisis is ‘urgent’ and China is ‘considering more participation’ in the European Financial Stability Facility (EFSF) and the European Stabilization Mechanism (ESM).

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Weekly Fundamentals – Germany Calls China for Investing in Eurozone, Influencing Iran

Gold rises to as high as 1764.0 so far and further rise is expected to 1804.4 key resistance next. Decisive break there will confirm our bullish view that whole correction from 1923.7 has completed with three waves down to 1523.9. In such case, stronger rise should be seen to retest 1923.7 and above. On the downside, break of 1703.0 support is needed to signal short term topping. Otherwise, near term outlook will remain cautiously bullish even in case of retreat.

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Gold Daily Technical Outlook

Silver’s rally resumed after brief consolidations and reaches as high as 34.41 so far. Bias remains on the upside for 35.70 key resistance next. On the downside, note that break of 32.93 support however, will indicate that a short term top is at least formed and rise from 26.145 is possibly over. In such case, bias will be flipped back to the downside for 30 psychological level and below.

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Silver Daily Technical Outlook

Crude oil’s fall from 103.74 finally resumed and dropped to as low as 95.44 so far, breaking mentioned 100% projection of 103.74 to 97.70 from 102.06 at 96.02. Intraday bias remains on the downside and current decline would target 161.8% projection at 92.29 next. Though, we’d expect strong support from 92.52 cluster support (38.2% retracement of 74.95 to 103.74 at 92.74) to contain downside and bring rebound. On the upside, above 97.99 minor resistance will turn bias neutral first.

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Crude Oil Daily Technical Outlook

Natural received some support ahead of 2.231 and formed a temporary low at 2.483 and recovered. Current development suggests that consolidation from 2.231 is going to extend further. A break above 2.844 resistance cannot be ruled out. But rise, we’d expect upside to be limited by 3.12 cluster resistance (61.8% retracement of 3.689 to 2.231 at 3.132) and bring down trend resumption eventually. Sustained break of 2.231 will target 2.130 projection level next.

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Natural Gas Daily Technical Outlook

It was a tale of two cities in the performance of 2 oil benchmarks. The sharp increase in oil supplies in the US continued to weighed on WTI crude oil prices while tensions over Iran boosted Brent crude prices for another day. Gold strengthened further on the Fed’s easing prospect and weakness in the US dollar. The market sentiment fluctuated during the day, being lifted by Chinese Premier Wen’s comments on European debts but then damped by the cold water poured by Jean-Claude Juncker, Head of the Eurogroup, regarding the EU summit measures and Greek PSI.

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Market Sentiment Mixed on Comments from Chinese and EU Leaders