Gold tried to go lower again with 942.70 holding the downside just above our support. The recovery from here saw 961.87.
We seem to be moving sideways in the last few days but we have put in a double bottom. If we can maintain above 952 today then we can have another go at 963/965.40 resistance. Trendline resistance comes in at 971 so watch this today if we break 965. It is only above 973 that Gold will shake off the short term bearish feel, leaving it free to wander to the recent highs of 990.
942 is the level to watch once again on the downside. If Gold breaks below here upward momentum would be forgotten and the race would be on for 927.65.
Oil just kept going hitting 73.23. It’s backed off a little but there is no top.
If we can’t get back above 72.54 then any pullbacks today will meet support at 71.60 and it is only a break below 71.36 which will worry bulls. This could take prices lower to 70.77 which should be well supported. If 70.46/32 fails to hold then buyers will be queuing up to pile back in at 70.00
If above 72.80 the we can have another go at 73.23 and if we see a break above here, as state yesterday, there really is nothing much to hold this until 74.50.
USD/JPY hit 98.56 and then plunged.
We have recovered from the lows and if we stay above 98.00 we can plough on for 98.40/60 once again. If we can break this level today then we will be pushing on for 98.85/90
Buyers will be waiting at 97.26 to 97.06 once again. A break through 96.80 have buyers worried as 96.55/45 would be targeted. Buyers will tentatively instate at these lows, but they will be on the lookout for any sign from sellers that support will break. They will then dispose of longs and go with the sellers until 96.00/95.90.
