Daily Technical Analysis 7/31
DEC GOLD Resist: 163380, 164640-165150 ST Trend: Sdwys/Up
(162550) Supprt: 1602+/-, 1596, 158770* Obj: 1646 TRP: 1587.70
Comment: Last week’s rallies triggered a bull upturn from coiling congestion and suggest rallies to attack
previous congestion highs of the past couple months. Stable action over 163380 could motivate rallies to
resistance at 1646-165150. A close over 165150 targets to 1691. Recent sideways congestion should now
provide a basing support level along 1600-. A close under 158770* is needed to reject the upturn and turn
the trend bias back down.
SEP NATRL GAS Resist: 3275-3300, 3400+ ST Trend: Up
(3218) Supprt: 3020*, 2977, 2906* Obj: 3400+ TRP: 29.06
Comment: The market is bullish, extending the head and shoulders bottom on the weekly chart and
projects moves beyond 3400+. Stable trade over 3150+ should encourage rallies. A slip under 2977 or
close under 3020* is near term negative, calling for pullbacks, but only a close under 2906* alerts for a
reversal into a peaking turn / correction phase.