European Commodity Technicals:

 Silver Upside Limited
Futures: ICE NYMEX COMEX COMEX
Crude Crude Gold Silver
Mar Feb Feb Mar
Spot 0829 GMT 111.38 99.35 1644.00 29.845
3 Day Trend Bearish Bearish Bearish Bearish
Weekly Trend Bullish Bullish Range Range
3rd Resistance 113.59 100.60 1662.90 30.675
2nd Resistance 112.24 100.19 1654.00 30.380
1st Resistance 111.80 99.39 1650.00 29.950
Pivot* 110.76 98.86 1635.73 29.729
1st Support 110.40 98.60 1636.50 29.420
2nd Support 109.69 97.70 1629.50 29.200
3rd Support 108.80 97.00 1625.70 28.550
Intraday Brent (ICE): While projected resistance at $111.80 a barrel caps,
the near-term bias remains to the downside. The downside threat has lessened
though, although there is still room for the $108.80 support area before
finding a base. Regaining ground above $111.80 and the $112.24 lower high is
required to lift the tone, opening $113.59.
Weekly chart Brent trend: Bullish.
Intraday Crude Oil (NYMEX): The recovery off $97.70 a barrel is threatening
to extend towards Friday's high at $100.19. The $97.70 low marks the measured
target of a recently-completed bear pennant continuation pattern, and room
exists for further recovery towards the $100.19 lower high. However, only above
$102.30 would put bulls back in control.
Weekly chart Crude trend: Bullish.
Intraday Gold (COMEX): Stages a recovery off $1625.7 a troy ounce to create
upside risk to $1654.0. The ability to keep the important $1625.0 support area
intact maintains the broader bull wave from the Dec. 29 reaction low at
$1523.9, and a push above $1654.0 is required to open the last week's $1662.9
high again. Only a setback below $1629.5 would concern bulls and leave the
$1625.7 low exposed.
Weekly chart Gold trend: Range.
Intraday Silver (COMEX): The recovery off Friday's $29.42 a troy ounce low is
likely to fail in its quest to retest last week's $30.675 high. The structure
of the short-term uptrend has been damaged by Friday's weakness, and only a
recovery above $30.38 would lift the tone. A setback below $29.42 would put
bears in control, prompting weakness to the Jan. 9 bull flag low at $28.55.
Weekly chart Silver trend: Range.