Crude oilis now seen following through lower on the back of its Friday price failure at the 83.13 level. Risk of further declines is now shaping up toward the 78.03 level, having pushed below the 80.12 level today. We expect a cap at the 78.03 level to turn the commodity higher, if tested. Above the 83.13 level must be violate to invalidate its current downside pressure.

Gold remains under pressure following its negative weekly close. Though currently hesitating, downside risks are seen toward the 1,088.20 level and possibly the 1,073.36 level. We look for a combination of the above mentioned levels to provide support and turn the commodity back up. Resistance comes in at the 1,127.85 level.

Silver also maintains an offered tone as downside risk is seen toward the 16.80 level and then the 16.31 level. Recovery higher, if seen, will eye the 17.31 level and then the 17.62 level.

With its failure at the 526 level and subsequent declines, seeing wheat give back almost all of its recovery gains. Threats have turned lower toward the 466.50 level or even lower.

The 359 level is now beckoning as corn continues to face downside weakness following through lower on its last weakness today. A break of that level will open up further downside prices.
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.