Daily Technical Analysis 8/1
DEC GOLD
Resist: 163380, 164640-165150 ST Trend: Sdwys/Up
(161730) Supprt: 160320+/-, 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 CRUDE OIL
Resist: 8976, 9090-9103*, 9263 ST Trend: Sdwys/Up
(8810) Supprt: 8765*-, 8600-, 8537 Obj: 9700? TRP: 87.65
Comment: The market is holding onto the short term bull alignment, but needs to again bounce off 8765* to
rekindle positive as well as close over 9103* to generate bull trending advances. The capped trade under
9103* cautions for a bear roll off into further corrections. A close under 8765* confirms a multi-day pullback
with a drop under 8460 extending selloffs against 8364*-26 support.
