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f The Commodity Technical Suite

Monday 27 April’11

Highlights: Commodity Technical

Research

GOLD: Breaks The 1,517.85 Level, Eyes Further Gains. Mohammed Isah
Head, Technical Strategy
m.isah@fxtechstrategy.com
CRUDE OIL: Closing In On The 113.45 Level. www.fxtechstrategy.com

SILVER: Still Vulnerable.

WHEAT: Eyes A Return Above The 809 Level.

CORN: Eyes The 783 Level

Note: We are very sorry for late production of this report.

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Direction Short Term Medium Term Long Term

GOLD Bullish f
Bullish Bullish

SILVER Bullish Bullish Bullish

CRUDE OIL Bullish Bullish Bullish

WHEAT Mixed Bullish Bullish

CORN Bullish Bullish Bullish

GOLD CRUDE OIL SILVER WHEAT CORN

Support 1,517.85 110.94 44.57 721 744

1,446/90 106.94 44.15 700 734

1,409.80 102.10 43.80 680 639

Resistance 1,550.00 113.45 47.00 830 783

1,560.00 115.98 48.00 893 750

1,650.00 117.90 49.00 900 780

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GOLD
F GOLD: Breaks The 1,517.85 Level, Eyes
Further Gains.

GOLD: With a rally through the 1,517.85

level, its 2011 high seen, further upside
offensive is likely towards the 1,550.00
level. This is coming on the back of an end
to its two-day consolidation at 1,493.10.
Price extension is expected towards the
1,600 level, its psycho levels and then the
1.650 level. Its daily RSI has turned higher
supporting this view. Conversely, a return
below the 1,493.10 level will annul its
present bullishness and call for more
declines towards the 1,458.55 level, its April
11’2011. We expect that level to reverse
roles as support and turn the commodity
back up in the direction of its primary
uptrend if tested. Further down, support
comes in at 1,443.70 level, its April 12’2011
low. All in all, Gold is poised to head
further higher having resumed its long
term uptrend.

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CRUDE OIL

f CRUDE OIL: Closing In On The

113.45 Level.

CRUDE OIL: We remain bullish on Crude

Oil as it looks to recapture the 113.45
level. A decisive violation of that level will
resume its long term uptrend now on
hold towards the 115.00 level and then
the 117.90 level. Further out, its psycho
level residing at 120.00 level comes in as
the next upside target. Its daily and
weekly RSI is bullish and pointing higher
supporting this view. On corrections, the
110.08 level, its April 15’2011 high will
be aimed at with a loss of there turning
focus to the 105.31 level. We think a cap
should occur there and push the
commodity back up again. All in all, the
commodity continues to retain its
long term bullishness as it looks to
recapture the 113.45 level and
beyond.

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SILVER

f SILVER: Still Vulnerable.

SILVER: The commodity is now under

pressure following a loss of upside
momentum at the 49.81 level on Monday.
Despite its present recovery attempt during
the Wednesday trading session, corrective
risk still not over yet as long as it holds below
the 49.81 level. This development leaves the
commodity under a corrective pressure with
risk of further likely to occur. In such a case,
the 42.73 level will come in as the next
downside objective with a violation of there
targeting the 41.93 level, its April 11’2011
high. Further down, support stands at the
40.83 level. Its daily RSI is bearish and
pointing lower supporting this view.
Alternatively, a return above the 49.81 level
is required to resume its long term uptrend
and end its corrective weakness tone. This
should bring further gains towards the 50.00
levels. Other resistance levels are located at
the 51.00 level and the 52.00 levels. All in
all, Silver continues biased to the upside
long term despite its present price
action.
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WHEAT

f WHEAT: Eyes A Return Above The

809 Level.

WHEAT (Futures): With a failure to

sustain a break above the 830 level
sending it lower on Tuesday and
following through during the Wednesday
trading session, risk of further declines is
likely. In such a case, the 740 level will
be targeted with a violation of there
turning risk towards the 721 level, its
Mar 31’2011 low. Further down, support
lies at the 700 level and then its 2011
low at 656. Its daily RSI is bearish and
pointing lower supporting this view. To
invalidate this view, Wheat will have to
climb back above the 830 level. This will
trigger further gains towards its Mar
04’2011 high at 822 followed by the 900
level, its psycho level and then the 950
level, another psycho level. All in all,
Wheat remains under pressure
having turned lower.

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CORN

f CORN: Eyes The 783 Level

CORN (Futures): Although the
commodity remains biased to the
upside long term, it requires a
break and hold above the 783.75
level to resume that trend.
Further out, resistance comes in
at the 800 level with a break of
there turning risk towards the 850
level. On the downside, below the
742 level will call for a move lower
towards the 700 level and then
the 600 level followed by its Jan
03’2011 low at 539 level.
Overall, Corn may be
vulnerable but continues to
retain its overall medium term
uptrend.
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Monthly Technical Outlook - It is produced each month with a long term outlook employing both weekly
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Glossary Of Technical Analysis Terms Used

f
LT - Denotes the Long-term trend and refers to the overall direction of price action greater than 6 months

ST - Denotes the short-term trend and refers to the overall direction of price action from 3 – 6 weeks

MT- Denotes the medium-term trend and refers to the overall direction of price action from 3 – 6 months

NT - Denotes the near-term trend and refers to the overall direction of price action from 1 – 3 weeks

Support - Support is a price level where buying pressure exceeds selling pressure and a decline is brought to an end.

Resistance - Resistance is a price level where selling pressure exceeds buying pressure and a rally is brought to an end

Trend- Simply means the direction a market is moving

Uptrend – An uptrend is determined by a series of higher highs and higher lows. While each successive peak is higher than
the previous peak, and each successive low is higher than the prior low, the trend is up.

Downtrend - A downtrend is the opposite of an uptrend defined by a series of lower highs and lower lows.

Stochs – Stochastics is a momentum study/indicator which helps in identifying overbought or oversold conditions during
various trend phases. It serves to highlight the increased prospect of a potential price correction or trend reversal.

RSI –Relative Strength Index is also a momentum study/indicator which helps in identifying overbought or oversold
conditions during various trend phases. It serves to highlight the increased prospect of a potential price correction or trend
reversal.

Psych Level- Denotes psychological levels which are round numbers such as 1000,2000,50,200 etc and are very significant
in the forex market. They can act as support and resistance levels and can be used as price targets for profit taking.

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Disclaimer
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