Daily Technical Analysis 8/16
DEC WHEAT Resist: 880, 893-895, 911 3/4* ST Trend: Sdwys
(866 1/4) Supprt: 849, 836 1/2* Obj: None TRP: 836.50
Comment: The sliding break back through congestion of recent weeks signals a preliminary topping turnover and targets near term selling to attack the 836 1/2* support level. Yesterday’s inside day keeps trade lined up for selloffs. A close under 836 1/2* confirms a larger top and declines to 790-. We may see trade try to recover again, but rallies capped under 900- will quickly bear flag to setup for selloffs. A close over 911 3/4* is needed to rekindle bull trending trade.
DEC GOLD Resist: 160940, 161670-1620, 1633+ ST Trend: Sdwys/Up
(160750) Supprt: 159320-, 158770* Obj: None TRP: 1587.70
Comment: The market remains in a neutral position within a larger sideways coiling congestion, but cautions for a slip to test 158770* support. A close under 158770* will mark a preliminary negative downturn from congestion and touch off selloffs to attack for a breakout under 1552/1530-. Stable action over 1600+ will allow trade to attempt another push higher, but a close over 163380 is the key to launch an upside breakout with rallies to resistance at 1646-165150.