The next level of support lies at approximately 3.666 which co-incides with the -1 deviation of the longer channel and the -2 deviation of the shorter channel. Conversely, should price break and hold above the neckline resistance, the next resistance level lies at the "mean" of both channels near the prior high of 4.6495. A move in either direction with conviction on this commodity may provide a clue to either continued weakness in the markets, or a resumption of buying.
Below is a 4-hour chartgrid of Gold, Silver, Copper and Oil with regression channel overlays. At the moment in after-hours trading, Gold, Silver and Copper are trading just below major support and Oil is hovering just above recent support.
This coming week should be interesting as we head towards the end of another month, quarter and 1/2 year. FYI, the pivot points in effect until June 30 for each of these 3 timeframes for the TF are as follows:
Month of May PP = 840.70
2nd Quarter PP = 817.50
1st 1/2 Year PP = 720.50
Year PP = 718.60 (for the entire year)
