Technical charting reveals fresh buy signals for gold, silver and WTI crude oil.
Gold futures (December) indicated a fresh buy signal Thursday (Sept. 27, 2012) on the daily chart. Thursday's buy signal comes after retracement over the past three trading sessions and about two weeks of sideways-to-lower price movement for gold.
The first point of resistance looks to be the 1845 level. The trend is up on the weekly chart and gold issued a buy signal last month on the monthly chart.
Gold Futures Daily Chart
Silver (December) also showed a fresh buy signal on the daily chart today [Sept. 27, 2012] which similarly comes after approximately two weeks of consolidation. Silver gave a king's cross counter-trend buy signal on the monthly chart. Silver has an upward objective of $44.
The king's cross is my attempt to account for why, shortly after a change in trend, a market often puts in its extreme. What I discovered is that the trend had not actually changed; rather, it was just an event—a news event, short or long covering, etc.—that caused a correction. After this "event," the market would often turn around and resume its previous trend.
WTI Crude Oil
November WTI crude oil futures are showing a king's cross counter-trend buy signal on the daily chart. Crude's first objective, in my opinion, looks to be $95.35 and the next objective is over $100. Your stop should go underneath Wednesday's [Sept. 26, 2012] lows. (A stop order to buy—in this instance—becomes a market order when the futures contract trades (or is offered) at or below the stop price. This is a tool traders can utilize to help manage risk.) In my opinion, this appears to be a great trade location.
Crude Oil Futures Daily Chart
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