Commodity market update for 25 October 2012

NYMEX Crude met the set weekly objective at 86.50-85.50 (low of 84.94) and now into consolidation mode at 85.50-86.50. Now, the focus is on the next objective at 82.50-81.50 ahead of 77.50 to complete the recent rally from 77.28 to 100.42. For now, let us watch 81.50-86.50 with bias into lower end. The strategy is to hold on to “shorts” entered at 92.50-93.50 (add at 86.50-87.50) for 82.00.

Gold is now down from 1730 to below 1710 into immediate term objective at 1700 (low of 1698.40) ahead of set weekly objective at 1675-1660. The undertone is bearish, hence hold on to “shorts” entered at 1730; add at 1710-1720 for 1675-1660. For now, let us watch 1665-1715 with bias into lower end.

Good luck....................Moses Harding