Monday, November 18, 2013

Crude Oil and Gold Chart Prep

Gold Futures:
Gold Anchor
 Gold is moving lower this morning with a long-term trend that is bearish on the anchor chart.  We can see a recent test of the buy-zone at 1279.6 so we are looking for a short-term bounce off this buy-zone, followed by a selling-opportunity at resistance levels overhead around 1285.00 and 1287.00.  The trend is down, so we are looking for selling-opportunities as price retraces off these lows.  We will use the buy-zones and support levels below us to take profit on our shorts today.

Crude Oil Futures:
Crude Oil Anchor
Crude Oil is moving lower this morning with a long term trend that is bearish on the anchor chart.  We can see points on the chart above us that will make for excellent trading opportunities short later this morning.  We will sell short as price retraces off these lows and use the support levels below us as profit-targets for our short-selling.
Remember, Crude Oil will rollover this morning to the 01-14 Contract but we aren’t quite there yet with the volume still higher on the 12-13 contract.


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