Monday, August 1, 2011


Crude Oil (Sep 11) intraday: up turn.

Pivot: 96.00
Our Preference: LONG positions above 96 with 98 & 99 in sight.
Alternative scenario: The downside penetration of 96 will call for 95 & 94.
Comment: the RSI broke above a bearish trend line.

GOLD (Spot) intraday: key ST resistance at 1620

Pivot: 1620.00
Our Preference: SHORT positions below 1620 with 1607 & 1600 in sight.
Alternative scenario: The upside penetration of 1620 will call for a rebound towards 1627 & 1632.
Comment: the break below 1620 is a negative signal that has opened a path to 1607.

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