Last Updated on 01 August 2012
GOLD: Bullishness To Target The 1,400.00 Level.
GOLD: The commodity continues to face bull pressure closing strongly higher the past week and aiming at a further strength. Though we saw a setback on Thursday pushing Gold back down off its all-time high at 1,366.00, its Friday strength has taken back most of those losses and opened the door for a return to that level as we enter a new week. On a violation of the 1,366.00 level, Gold should build further strength towards the 1,400.00 level, its psycho level. It may face a considerable resistance at that level due to the psychological nature of that level, but if it eventually pushes through there the 1,450.00 level will be targeted. Its weekly studies are bullish and pointing higher supporting this view. Alternatively, if pullbacks occur, its psycho level located at the 1,300.00 level will be targeted ahead of the 1,265.05 level where a reversal of roles is expected to turn the commodity back up again. Further down, support is seen at the 1,220.00 level. All in all, with Gold continuing to sustain its bullish momentum, further up pressure is expected.
CRUDE OIL: Loses Recovery Momentum, Vulnerable Below Key Resistance
CRUDE OIL: With the commodity capping its corrective recovery at the 93.25 level and turning lower, Crude Oil remains vulnerable to the downside. This is consistent with its broader downside bias though it will have to take out the 84.05 level and the 77.70 level to resume that trend. Below here if seen will resume its medium term weakness towards the 75.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, in order for the commodity to resume its corrective recovery, it will have to overcome the 93.25 level. This will leave risk of a return to the 94.61 level on the cards where a violation will set the stage for a run at the 93.25 level. Further upside, resistance resides at the 96.16 level followed by the 100 level. All in all, Crude Oil continues to hold on to its broader downside bias medium term.
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