CRUDE_ is now at the 108.80 resistance of the 2011 move down.
while the next weekly target is 115.76, those pressures are now in overbot territory,
the daily is showing negative divergence and the suggetsing a new move down.
the short entry is 104.90 with a stop of 108.95
NAT GAS_ remains in the 2.98 to 4.45 channel.
now near the lower range with trade pressures turning up.
a move up thru 3.49 should start a new test of the upper channel. stops at 2.98.
COPPER_ copper tested the $3 level again and has found support.
Perhaps reacting to the China PMI increase.
While still in the longer term down trend, the Daily trade is up and has reached the 3.36 target.
This target remains below the 3.42 stop on the weekly downtrend.
So, the next move will determine whether the downtrend is broken or will resume.
a move above the 3.42 stop is required to clear the way for further move up.
a move back below 3.24 would signal a further move lower.
GOLD_ tested the 1340 resistance made a pullback and then traded up thru the short cycle 1310 long entry.
the next target area up is 1424-1442.
This move up is still a retracement inside the longer move down. use a 1271 stop.
need a trade above the 1489 pivot to get the long term payers interested.
SILVER_ has a similar retracement up, as gold.
this target is 23.89 and we are there now.
short cycle pressures are overbot. the weekly cycle is just turning up.
so, look fora pull back and then a new move up.
Monthly_
upward pressures and a 1716 target above.
Weekly_
upward pressures and at the 1684 target, consolidating.
Daily_
time pressures are up. trade pressures are down but over sold.
need to trade above 1695 to activate the 1706-1711 target area.
The short entry is 1672, with a downside target 1636.
USD_
in a megaphone market, higher highs and lower lows = uncertainty.
the next target down is 80.67.
a move above 82.63 is required to restart the move up.
30yr T-Bonds_
now at multiple downside targets. the next long cycle target is 130-30.
the daily long entry is 134-09 with a target of 137-26.
CRUDE_
trade quickly up to the 109 target and is now pulling back from the short entry of 105.07.
the next target down is 98.87.
trade pressure are down, but time pressures remain up.
so the first target may be the limit to the downside.
NAT GAS_
trending sideways in the 2.98 to 4.45 channel.
pressures remain down.
the Daily trade reached the long entry of 3.81 and failed to move beyond;
and has traded down thru the 3.52 stop price.
the 3.41 downside target has been met.
the long entry is 3.70.
COPPER_
again we test the 3.00 levels with the lower targets of 2.94 and 2.86 in sight.
Weekly pressures remain down but show some positive divergences.
the Daily trade remains down from the 3.23 short entry. the next target down is 2.94.
the longer cycle is still in the trade up, but the 3.04 pivot is the stop level, so the down-trade is in control.
GOLD_
remains in the move down. definitely oversold and showing some upwards pressures beginning.
the daily trade is up from the long entry of 1239 and has met the first target of 1330 and the weekly target of 1341.
the next target up is 1424.
a move below 1290 could signal another test of the lows.
SILVER_
price is consolidating at the the 18.16 target.
the next target down is 17.45 and then 16.60.
Daily trade pressures are up. the long entry is 20.37 with a 23.89 target.
Monthly_ pressures remain up. the next target up is 1716.
Weekly_ testing the prior targets of 1664 and the pivot high of 1681.
trade pressures remain up, but momentum is decelerating.
Daily_ the daily is at the 1674 target and near the prior high.
trade pressures are beginning overbought. the next targets up are 1706-1711.
a move below 1644 will signal a new move down to 1596.
time pressures suggest a move down between now and July 29th.
with all the upper time frame pressures pointing up, don’t expect a too much of a correction.
USD_
DX has reached the 84.98 target and is pulling back.
the weekly trade pressures are turning up, while the daily pressures arre pulling back.
However, the uptrend remains.
the daily trade is showing higher highs and lower lows. have to trade the momentum.
so, look for the next bullish reversal of the stochastic.
30yr TBond_
the monthly trade is down inside a bullish set of pressures.
the weekly trade is down and at the 131-22 target.
the daily trade is at at targets and is also showing some positive divergences.
a move up thru the long entry price of 135-10 could start a move to 138-26.
the next target down is 126-22.
the daily pressures are still down nut pointing up.
CRUDE_
lots of event risk here. the weekly crossed over the trend-line resistance
the daily crossover from bearish to bullish of the MACD produced a sharp move up to the 102 target.
the 103.67 pivot high was broken putting the next 109.49 target in play.
trade pressures are fully extended.
a retracement of this move up to 103.62 would still keep crude bullish.
below that the lower 93 target is likely.
NAT GAS_
the weekly chart shows a bottoming process for the last 12 months.
trading in a range between the 2.98 low and the 4.46 pivot high.
the daily trade is down but attempting a retracement move up, but not getting much traction.
the next target down is 3.41-3.46.
need a trade above the 3.81 long entry to begin a new move up.
COPPER_
weekly in the move down from 3.24 to the 2.64 target.
the 68% retrace of the 2009-2011 move up is located at 2.80.
time pressures are up from late april
retracement trade pressures are up on the daily trade.
the 3.04 pivot is being tested.
the retracement up needs to get past 3.14.
if not, the next target down is 2.94.
GOLD_
the weekly is testing the 62% retracement of the 2008-2011 move up, supporting at 1218.
the next target down is 1139, then 1005.
the daily trade is bullish. the next target up is 1336.
any failure to break above the 1340 level suggests lower.
then all of the 2010 pivot lows will be tested on the way to 1000.
SILVER_
weekly has reached the 19.55 target and spiked thru to reach the 18.16 target as well.
trade pressures remain down but very extended. the next target down is 16.60
a move above 20.37 could start a retracement up. to 23.89.