Gold / Light Crude Oil – Further strength amidst uncertainty in Egypt – Commodities

Unrest in North Africa (Libya) and the Middle East (Egypt) has sent uncertainties in investors prompting them to look once again in safe haven via commodities – Gold & Oil. Particularly for Gold, with the formation of bullish piercing reversal formation during early Feb 2011, the prices have reversed from the lows of US$1300 to now $1380+. It is poised to breakout from Bollinger band and retest the triple top at US$1420. RSI on the overbought region and do trade with caution. Immediate support at US$1370.

Similarly, Oil has staged a short rebound from some consolidation since early 2011. Strong resistance at US$93 and support at US$86. Long term uptrend intact.