Technical aug8

GOLD (Spot) intraday: further upside.

Pivot: 1681.00 Our Preference: LONG positions above 1681 with targets @ 1716 & 1746. Alternative scenario: The downside breakout of 1681 will open the way to 1663 & 1650. Comment: the RSI broke above a bearish trend line.

Crude Oil (Sep 11) intraday: the downside prevails.

Pivot: 87.00 Our Preference: SHORT positions below 87 with 83 & 80.9 as next targets. Alternative scenario: The upside penetration of 87 will call for a rebound towards 88.35 & 90.4. Comment: the RSI is mixed with a bearish bias. The price remains in a bearish channel.