August gold futures closed up $13.60 at $941.00 yesterday. Prices closed nearer the session high yesterday and were supported by solidly lower U.S. dollar. Trading has turned choppy again in gold.
Prices are still in a four-week-old downtrend, but solid follow-through buying on Thursday and a bullish weekly high close would negate the downtrend and provide bulls with fresh upside technical momentum.
Bears' next downside price objective is closing prices below solid technical support at last week's low of $913.20. Gold bulls' next upside price objective is to push and close prices above solid technical resistance at last week's high of $949.00. First resistance is seen at yesterday's high of $947.00 and then at $949.00. Support is seen at $935.00 and then at $930.00.
Source: VantagePoint Intermarket Analysis SoftwareBy: Jim Wyckoff
did you do analysis on crude oil?
ReplyDeletewell done!
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