CRUDE OIL has reversed its Thursday losses and resumed its nearer term uptrend to print a high of 81.03 today. This development has left the commodity eyeing its 2010 high at 83.93 where a break will trigger the resumption of its medium term uptrend towards the 85.00 level. Support is located at the 80.75 level. Despite its current price hesitation off the 1,144.88 level and a decline to a low of 125.65 on Thursday, GOLD continues to retain its nearer term uptrend triggered off the 1,044.20 level. A break and close above the 1,144.88 level will activate that trend and target further upside towards 1,161.88 level and the 200.00 level. In case of a setback, the 1,130.93 level will be targeted.. SILVER has also reversed its Thursday losses and tested a high of 17.48 today leaving further upside risk towards the 18.03 level and then the 19.45 level. A second day of weakness has seen WHEAT selling off on the back of its Thursday losses and targeting the 492 level where invalidation will put the commodity on the path to further weakness towards the 480 level. CORN is also on the defensive weakening and targeting the 376 level. Below there will call for more downside towards the 365 level

 

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