Wednesday, August 28, 2013

Daily Market Analysis – Crude Oil and Gold in Spotlight

Wednesday, August 28th 2013

With mounting tensions in Syria, those who bought Gold and Oil are the only ones smiling. A pullback does seem in order, though it would serve as an entry point to get with the larger trend. Today’s calendar is light with economic data, so traders with positions in the currencies may have to wait until tomorrow to see some volatility.  For those interested in a more in depth analysis, we at CM Trading are here to assist those who are interested in profiting from the financial markets. Below are the charts and the day’s economic events to better understand the current short term trends in some of the different markets.


The pair continues to straddle the upper boundary of its yearly trading range. It’s currently trading at 1.3372 with a lot of downside remains if the pairs heads lower. Price levels to watch on the downside are 1.3365 and 1.3325. If the pair breaks higher, 1.3390 is the first target followed by 1.3410.

R1: 1.3390
R2: 1.3410
R3: 1.3425
S1: 1.3365
S2: 1.3325
S3: 1.3300



From October 2012 until June 2013, Gold fell a precipitous 33% from a high of $1795.80 all the way down to $1182. This trend has been reversed since this past June as it has risen close to 20% to it current $1424.71. Keep an eye on the levels outlined in the support/resistance chart below.

R1: 1438.41
R2: 1452.20
R3: 1468.13
S1: 1401.22
S2: 1394.40
S3: 1383.70


Oil has seen an extreme move in the past two months rising nearly 21% from 92.67 to today’s $112.22 high. Below is the chart of important levels to be aware of.

R1: 110.81
R2: 111.75
R3: 113.19
S1: 109.90
S2: 109.33
S3: 108.43


Daily Calendar for Wednesday, August 28th 2013   

Pending Home Sales(MoM)


Successful Trading!

Jacob Fendrich
Senior Market Analyst

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