Wednesday, August 31, 2011

Technical 31 AUG evening STRATEGY


GOLD (Spot) intraday: bullish bias above 1810

Pivot: 1810.00
Our Preference: LONG positions above 1810 with 1840 & 1855 in sight.
Alternative scenario: The downside breakout of 1810 will open the way to 1770 & 1742.
Comment: tentative rising trend line currently standing at 1814.

Crude Oil (Oct 11) intraday: caution

Pivot: 87.50
Our Preference: LONG positions above 87.5 with 89.15 & 90.2 in sight.
Alternative scenario: The downside penetration of 87.5 will call for a slide towards 86.5 & 85.
Comment: intraday support around 87.5.

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