Gold has backed off its Wednesday high at 1,144.88 in Thursday's trading session, reversing its Wednesday gains and threatening to retarget the 130.93 level.

While the commodity holds above the 1,094.66 and 1,088.20 levels, its recovery triggered from the 1,044.20 level is preserved and another attempt on the 1,144.88 level is likely. Above there will call for a run at the 1,161.88 level.

Crude oil is also trading below its Wednesday high at 81.20 but as long as it maintains above 78.01 or even its rising trendline at 77.30, we look for a retarget of the 81.20 level and ultimately the 83.93 level.

Silver is holding better than other commodities as it was maintaining a marginal gain at the time of this analysis, though it was trading below its intraday high of 17.33. There could be further upside toward 18.03 and then 19.45.

Wheat continues to trade in a range after tumbling off the 513 level Monday. While the 477 level holds as support, we expect the commodity to rise through 513, triggering the resumption of its corrective recovery that began at the 466 level.

Though hesitating, corn continues to hold on to most of its gains but it would require a break above the 381 level before it can resume its path to recovery that began off the 347 level.
Mohammed Isah is a technical strategist and head of research at, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and At, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces The Professional Suite for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.