Crude oil has largely remained sideways for the last three years since topping off in 2011. The commodity has since twice attempted to break towards the high of 2011 at $114 & failed. Both the attempts to reach 114 are market on the weekly chart. The first attempt, after the dip from the high of 2011, started off with a very weak base and found heavy resistance above 102 & immediately failed with an almost vertical decline to a low of $75. Since then Crude Oil has largely remained sideways until recently in 2013. The second attempt was definitely backed-up with a much larger base, of over a year, but quickly found resistance at the important level of 101. We did see a high of 110 but the breach of 101 showed that the commodity was weakening & called for an exit.

Now Crude Oil still looks to be weak & after failing to hold the important support at 101 it's heading towards some major support levels. Supports for crude lie at 97.75, 95.8, 90.8 & 87.5. From 97.75 to 95.8 is a very important support zone, the commodity will have to hold this zone strongly to continue the up move; else we might see it slip lower quickly. Below this there are some minor supports at 90.8 & 87.5 but breaching below the support zone from 97.75-95.8 will mean that the commodity will find it very difficult to move up-wards.

Resistance levels are at 102.3, 106.6 & 110.7. The price point at 102.3 is very critical for the health of the commodity, gaining this price level & remaining above this will be detrimental to the future of Crude Oil as of now. The commodity does not only have to move above 102.3 but will also have to form a base above this for a few months, then & only then will we see it move towards much higher levels. There is also a minor resistance above this at 106.6 & a larger resistance at 110.7.

As of now Crude Oil looks to be weak & is facing strong resistance at 102.3 & will remain so until it moves and remain above it. The weakening commodity is at it's critical support zone as of now & it will be interesting to watch its price action over the coming weeks.

Click to enlarge - Crude Oil NYMEX Weekly Chart

Gold took off at the end of July, right after the break of an important pivot 28288 and headed for a very critical resistance at 35074.
We had covered this in our older video on gold here - http://www.youtube.com/watch?v=KlOwXyi0duc

Coming to the present, Gold has since then failed to cross over this critical resistance at 35074 even after making a new life-time high. After failing to sustain at higher levels we took an exit signal at the break of support at 30491 and in the last trading week we've seen the precious metal slip further lower, recently closing at 28441.5.

We're still out of Gold & would suggest investors to stay out for a while until & unless Gold does not breach important resistance levels. Strong resistance levels for Gold lie at the recent high 35074, but more importantly at 32735.5 & 31828.5, minor resistance lies at 29385. Since the commodity is moving lower, as of now we need to look at support levels which are at 27875 & 25635. Breach of support at 27875 would not be a very good thing for the commodity; as it will weaken further & the lower support mentioned below that at 25635 is only a weak support.

To move up and continue the bull run, Gold will have to sustain above the recent closing price & well above 32735. The zone between 32735 & 27875 will act as a sideways zone & Gold will have to break above this to be ready for investors to enter in it again.

Silver INR - Silver 1 KG 1 Month (MCX)
Supports - 39365, 34558
Resistances - zone from 44499 to 45683, 48498 & 51457

Silver USD - Silver Continuous (COMEX)
Supports - 18.665, 16.04
Resistances - 22.5, 26.43

We signaled an exit from Gold on the 25th of Jan 2013 at the break of 30370 and gold has since lost about Rs.10,000 from it's life time highs.

Recently Gold has shown some developments, it has established a signal level or resistance level at 28288, which says that if Gold breaks above this level we will see a up-move beginning in it.

But so far Gold has remained downwards, so let's talk about supports available in Gold. An important support that Gold is at right now is 24700, this support level needs to be held for some time to begin an up move. If Gold breaks below 24700 then the next support level below this is at 22450 at which we will see Gold holding base for a long time.

Supports - 24700, 22450
Resistances - 28288