Daily Market Analysis – Crude Oil and Gold in Spotlight

Wednesday, August 28^th 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.

EURUSD

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.

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

 

Gold

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.

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

Oil

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.

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

 

Daily Calendar for Wednesday, August 28th 2013   

Time	Currency	Event	Actual	Forecast	Previous
10:00	USD	Pending Home Sales(MoM)		-0.5%	-0.4%

 

Successful Trading!

Jacob Fendrich
Senior Market Analyst

Risk Warning: Contracts for Difference (CFDs)  and foreign exchange products are leveraged products and may not be suitable for everyone. They are highly speculative and involve a significant risk of loss. Please ensure that you fully understand the risks involved. More information can be found from our "Risk Disclosure" statement. . The content offered in this email is for information purposes only and should not be interpreted as a solicitation to offer purchase or sale of any financial instrument. The information on which this communication is based has been obtained from sources we believe to be reliable, but we do not guarantee its accuracy or completeness. All expressions of opinion are subject to change.