Daily Technical Analysis 8/17
NOV SOYBEANS Resist: 1637*+/-, 1655 1/2, 1668 ST Trend: Sdwys/Down
(1625 1/4) Supprt: 1610 1/2-, 1591, 1574 3/4 Obj: 1574 3/4? TRP: 1637.00
Comment: Monday drop still signals a bull failure and cautions for defensive trade to reach 1574 3/4. A subsequent breakout under 1550 could release sharp selloffs to 1510-. Near term trade is attempting a new bull upswing, but a close over 1637* or pop beyond Monday’s range high are needed to rekindle bull trend forces, sending trade to attack for a breakout over previous swing highs. A rejection from 1637* will likely trigger a slip back to 1600-.
DEC GOLD Resist: 1620, 1631-163380 ST Trend: Sdwys/Up
(161790) Supprt: 160940, 160060, 158770* Obj: None TRP: 1587.70
Comment: The market remains in a neutral position within a larger sideways coiling congestion, but rebounds from over 158770* support is trying to turn the bias of congestion up. A close over 163380 is the key to launch an upside breakout with rallies to resistance at 1646-165150. A slip under 1600- negates positive trade from the past two days, but a close under 158770* is needed to trigger a downturn from congestion and touch off selloffs to attack under 1552/1530-.