Gold Technical Analysis
The gold markets rallies to head towards the $1,550 area again. This area has been resistance lately, and held during the Tuesday session once more. The fact is that if gold wants to move to higher levels – it has to break through the $1,550 area first. Any shocks out of Greece could do that. The trend line that has kept us bullish for so long is still intact. Our thoughts are to buy on the break out above $1,550. Otherwise, we could buy on dips as well.
Natural Gas Technical Analysis
The natural gas markets bounced from the $4.35 area as we expected. The market is higher on Tuesday trading, but the truth is that the bounce is just that – a bounce. This commodity is to be sold on rallies, and we stand by that observation. The first area that could provide trouble is the $4.50 or so. This area could see sellers step back in the market.
Brent
The Brent market had a volatile day on Tuesday, ending a slight bit negative in the end. The area it sits in is a massive support band. (Between $107.50 and $112.50) Because of this support area being so wide, expect sloppy conditions in this market. The bias is to the downside at the moment, but with so much clustering of support in the immediate area, this will be a hard one to sell until we break $105 to the downside.
