Crude Oil, Natural Gas, U.S. Dollar and Gold All Close Higher

Crude oil closed higher on Tuesday as it consolidates above the 20 day moving average crossing at 75.87. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term. If August extends the rally off this month's low, the reaction high crossing at 79.38 is the next upside target. Closes below last Tuesday's low crossing at 74.25 would temper the near term friendly outlook. First resistance is last Wednesday's high crossing at 78.15. Second resistance is the reaction high crossing at 79.38. First support is last Tuesday's low crossing at 74.25. Second support is the reaction low crossing at 71.09.

Natural gas closed higher on Tuesday ending a two day correction. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 4.605 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 the 20 day moving average crossing at 4.605. 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.

The U.S. Dollar closed higher due to short covering on Tuesday as it consolidates some of the decline off June's high. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If September extends the aforementioned decline, the 50% retracement level of the November-June rally crossing at 82.15 is the next downside target. Closes above the 20 day moving average crossing at 84.51 are needed to confirm that a short term low has been posted. First resistance is the 10 day moving average high crossing at 83.51. Second resistance is the 20 day moving average crossing at 84.51. 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.

Gold closed higher due to short covering on Tuesday and closed above the 38% retracement level of this year's rally crossing at 1183.90. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain 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 1215.40 are needed to confirm that a low has been posted. First resistance is the 10 day moving average crossing at 1199.40. Second resistance is the 20 day moving average crossing at 1215.40. First support is today's low crossing at 1175.10. Second support is the reaction low crossing at 1168.00.

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