Crude oil closed lower on Wednesday as it extends last week's trading range. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term. If September extends the rally off this month's low, the reaction high crossing at 79.97 is the next upside target. Closes below last Tuesday's low crossing at 74.70 would temper the near term friendly outlook. First resistance is today's high crossing at 78.57. Second resistance is the reaction high crossing at 79.97. First support is last Tuesday's low crossing at 74.40. Second support is the reaction low crossing at 71.47.
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Natural gas closed lower on Wednesday as it continues to consolidate above the 10 day moving average crossing at 4.456. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term. Closes above today's high crossing at 4.662 are needed to confirm that a short term low has been posted. If August resumes the decline off June's high, the reaction low crossing at 4.108 is the next downside target. First resistance is today's high crossing at 4.662. Second resistance is the reaction high crossing at 4.923. First support is last Thursday's low crossing at 4.288. Second support is the reaction low crossing at 4.108.
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The U.S. Dollar closed higher on Wednesday and above the 10 day moving average crossing at 83.46 signaling that a short term low has likely been posted. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but are turning bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 84.38 are needed to confirm that a short term low has been posted. If September extends the aforementioned decline, the 50% retracement level of the November-June rally crossing at 82.15 is the next downside target. First resistance is today's high crossing at 83.64. Second resistance is the 20 day moving average crossing at 84.38. First support is last Friday's low crossing at 82.25. Second support is the 50% retracement level of the November-June rally crossing at 82.15.
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Gold closed lower on Wednesday and remains poised to extend the decline off June's high. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If August extends the decline off June's high, the reaction low crossing at 1168.00 is the next downside target. Closes above the 20 day moving average crossing at 1212.90 are needed to confirm that a low has been posted. First resistance is the 10 day moving average crossing at 1198.10. Second resistance is the 20 day moving average crossing at 1212.90. First support is Tuesday's low crossing at 1175.10. Second support is the reaction low crossing at 1168.00.
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