Crude Oil, Natural Gas, Gold and Dollar Commentary For Tuesday Evening

Crude oil closed higher on Tuesday as it extends the rally off May's low. 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. If September extends the rally off May's low, the reaction high crossing at 84.50 is the next upside target. Closes below the 20 day moving average crossing at 77.75 would temper the near term friendly outlook. First resistance is today's high crossing at 82.64. Second resistance is the reaction high crossing at 84.50. First support is the 10 day moving average crossing at 78.94. Second support is the 20 day moving average crossing at 77.75.

Natural gas closed lower on Tuesday and below the 10 day moving average crossing at 46.76 signaling that a short term top might be in or is near. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought and are turning bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 4.573 would confirm that a short term top has been posted. If September renews the rally off July's low, June's high crossing at 5.282 is the next upside target. First resistance is Monday's high crossing at 5.007. Second resistance is June's high crossing at 5.282. First support is today's low crossing at 4.625. Second support is the 20-day moving average crossing at 4.573.

The U.S. Dollar closed lower on Tuesday as it extends the decline off June's high. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain bearish signaling that additional weakness is possible near term. If September extends the decline off June's high, the 62% retracement level of the November-June rally crossing at 80.47 is the next downside target. Closes above the 20 day moving average crossing at 82.81 are needed to confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 82.10. Second resistance is the 20 day moving average crossing at 82.81. First support is today's low crossing at 80.56. Second support is the 62% retracement level of the November-June rally crossing at 80.47.

Gold closed higher on Tuesday as it continues to rebound off the 50% retracement level of this year's rally crossing at 1158.30. Stochastics and the RSI have turned bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 1189.50 are needed to confirm that a short term low has been posted. If August renews the decline off June's high, the 62% retracement level of the aforementioned decline crossing at 1132.70 is the next downside target. First resistance is the 20 day moving average crossing at 1189.50. Second resistance is Monday's high crossing at 1191.80. First support is last Wednesday's low crossing at 1155.60. Second support is the 62% retracement level of the aforementioned decline crossing at 1132.70.

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New Video: No Leaks in This Crude Oil Market

The massive move up in crude oil on Monday created a new dynamic for this in the news market. The move to two month highs completed one of our favorite major technical formations.

In this short video, we share with you two conflicting indicators and which one we are choosing to go with. I think you'll find this video technically interesting as well as educational.

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Crude Oil and Natural Gas Technical Outlook For Monday Morning

Crude oil was higher overnight and has renewed the rally off July's low. Stochastics and the RSI are turning bullish again signaling that sideways to higher prices are possible near term.

If September extends the aforementioned rally, June's high crossing at 80.82 is the next upside target. Closes below the 20 day moving average crossing at 77.17 would confirm that a short term top has been posted.

First resistance is the overnight high crossing at 79.90
Second resistance is June's high crossing at 80.82

Crude oil's pivot point for Monday morning is 78.28

First support is the 10 day moving average crossing at 78.28
Second support is the 20 day moving average crossing at 77.17

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Natural gas was higher overnight as it extends the rally off July's low. Stochastics and the RSI are becoming overbought but remain bullish signaling that sideways to higher prices are possible near term.

If September extends the aforementioned rally, June's high crossing at 5.282 is the next upside target. Closes below the 20 day moving average crossing at 4.587 would confirm that a short term top has been posted.

First resistance is the overnight high crossing at 5.007
Second resistance is June's high crossing at 5.282

Natural gas pivot point for Monday morning 4.881

First support is the 10 day moving average crossing at 4.692
Second support is the 20 day moving average crossing at 4.587

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Crude Oil and Natural Gas Market Commentary For Monday Morning

Crude oil was lower due to profit taking overnight as it consolidates some of last Thursday's rally. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term.

If September extends this month's rally, the reaction high crossing at 79.97 is the next upside target. Closes below the reaction low crossing at 74.70 would temper the near term friendly outlook.

First resistance is last Friday's high crossing at 79.60
Second resistance is the reaction high crossing at 79.97

Crude oil's pivot point for Monday morning is 78.99

First support is the 10 day moving average crossing at 77.60
Second support is the 20 day moving average crossing at 76.45

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Natural gas was lower overnight as it consolidates some of last Thursday's rally. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

Closes above last Thursday's high crossing at 4.669 are needed to confirm that a short term low has been posted while opening the door for a larger degree rally into the end of July. Closes below the reaction low crossing at 4.452 would temper the near term friendly outlook.

First resistance is last Thursday's high crossing at 4.669
Second resistance is the reaction high crossing at 4.945

Natural gas pivot point for Monday morning is 4.599

First support is the reaction low crossing at 4.452
Second support is this month's low crossing at 4.290

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Crude Oil and Natural Gas Technical Outlook For Wednesday Morning

Crude oil was higher overnight as it consolidates above the 10 day moving average crossing at 76.13. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

If August extends this month's rally, 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

Crude oil pivot point for Wednesday is 77.16

First support is last Tuesday's low crossing at 74.25
Second support is the reaction low crossing at 71.09

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Natural gas was higher overnight and is trading above the 20 day moving average crossing at 4.595. 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 4.595 would confirm that a short term low has been posted while opening the door for a larger degree rally into the end of July. Closes below Monday's low crossing at 4.454 would temper the near term friendly outlook.

First resistance is the reaction high crossing at 4.659
Second resistance is the reaction high crossing at 4.923

Natural gas pivot point for Wednesday is 4.558

First support is Monday's low crossing at 4.454
Second support is last Tuesday's low crossing at 4.334

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Crude Oil Closes and Consolidates Above 20 Day Moving Average

Crude oil closed higher on Monday as it consolidates above the 20 day moving average crossing at 75.95. The mid-range close sets the stage for a steady opening on Tuesday. 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 lower on Monday but remains above the 10 day moving average crossing at 4.470. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 4.620 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 4.620. 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 Monday as it consolidates some of the decline off June's high. The mid-range close sets the stage for a steady opening on Tuesday. 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 84.68 are needed to confirm that a short term low has been posted. First resistance is the 10 day moving average high crossing at 83.65. Second resistance is the 20 day moving average crossing at 84.68. 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 lower on Monday and below the 38% retracement level of this year's rally crossing at 1183.90. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are diverging but turning bearish again 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 1217.90 are needed to confirm that a low has been posted. First resistance is the 10 day moving average crossing at 1199.80. Second resistance is the 20 day moving average crossing at 1217.90. First support is today's low crossing at 1176.90. Second support is the reaction low crossing at 1168.00.

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Crude Oil and Natural Gas Technical Outlook For Monday Morning

Crude oil was lower due to profit taking overnight as it consolidates above the 10 day moving average crossing at 75.53. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

If August extends this month's rally, 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

Crude oil's pivot point for Monday morning is 76.14

First support is last Tuesday's low crossing at 74.25
Second support is the reaction low crossing at 71.09

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Natural gas was higher overnight as it consolidates above the 10 day moving average crossing at 4.474. 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 4.621 would confirm that a short term low has been posted. If August renews the decline off June's high, the reaction low crossing at 4.285 is the next downside target.

First resistance is the 20 day moving average crossing at 4.621
Second resistance is the reaction high crossing at 4.923

Natural gas pivot point for Monday morning is 4.550

First support is last Tuesday's low crossing at 4.334
Second support is the reaction low crossing at 4.285

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Crude Oil Falls for Third Day on Concern Slowing Economic Recovery to Cut Demand

Crude oil fell for a third day in New York on speculation that the U.S. economic recovery is slowing, reducing fuel demand in the world’s biggest energy consuming country. Oil slipped as much as 1.6 percent and equities tumbled after an index of preliminary consumer sentiment declined to the lowest level since 2009. Prices retreated yesterday as manufacturing in New York and Pennsylvania dropped, part of a nationwide decline in factory production of 0.4 percent in June.

“Oil should be a lot lower than it is,” said Peter Beutel, president of trading advisory company Cameron Hanover Inc. in New Canaan, Connecticut. “We’ve had some very bearish stuff come out about the economy this week.” Crude oil for August delivery slipped 42 cents, or 0.6 percent, to $76.20 a barrel at 10:57 a.m. on the New York Mercantile Exchange. Futures are little changed this week. Brent crude oil for September settlement fell 63 cents, or 0.8 percent, to $75.46 on the London based ICE Futures Europe exchange.

Oil in New York has traded in a range of $8.29 for the past month, from $71.09 to $79.38 a barrel. “We’re stuck in a $70 to $80 range and looking for a strong signal to exit it in either direction,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “It will take evidence that the recovery is gathering momentum to move us higher, and any signs pointing to continued sluggishness and weak demand will move us lower”.....Read the entire article.

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New Video: What's Going on in Crude Oil?

We've had a number of requests to do a video on crude oil, so here it is. This market has been largely trapped in a broad trading range with support coming in around $70/barrel and resistance around $80-85/barrel.

In this new video, we show you some of the other factors that could tip this market one way or the other.

As always our videos are free to watch and there is no need to register. We hope you enjoy the video and please feel free to leave a comment and let us know where you think crude oil is headed.


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Crude Oil Signals are Oversold, Lower Prices Still Possible Near Term

Crude oil was higher due to short covering overnight as it consolidates some of last week's decline. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.

If August extends last week's decline, the reaction low crossing at 70.93 is the next downside target. Closes above the 20 day moving average crossing at 76.22 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 75.13
Second resistance is the 20 day moving average crossing at 76.22

Crude oil's pivot point for Tuesday morning is 71.93

First support is the overnight low crossing at 71.09
Second support is the reaction low crossing at 70.93

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Natural gas was slightly higher overnight as it consolidates above the 10 day moving average crossing at 4.759. 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 4.858 would confirm that a short term low has been posted. If August renews last week's decline, the reaction low crossing at 4.285 is the next downside target.

First resistance is the 20 day moving average crossing at 4.858
Second resistance is June's high crossing at 5.249

Natural gas pivot point for Tuesday morning is 4.765

First support is last Wednesday's low crossing at 4.477
Second support is the reaction low crossing at 4.285

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Crude Oil Bears Take a Clear Near Term Advantage

Crude oil was slightly lower overnight as it extends this week's decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

Closes below Wednesday's low crossing at 75.17 are needed to confirm that a short term top has been posted. If August renews the rally off May's low, the 62% retracement level of May's decline crossing at 82.67 is the next upside target.

First resistance is the 10 day moving average crossing at 77.48
Second resistance is Monday's high crossing at 79.94

Crude oil pivot point for Friday is 76.13

First support is the 20 day moving average crossing at 76.03
Second support is Wednesday's low crossing at 75.17

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Natural gas was lower overnight and trading below the 20 day moving average crossing at 4.779. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

Closes below Tuesday's low crossing at 4.756 are needed to confirm that a short term top has been posted and would open the door for a larger degree decline near term. Closes above the 10 day moving average crossing at 4.926 would temper the near term bearish outlook in the market.

First resistance is the 10 day moving average crossing at 4.926

Friday's pivot point for natural gas is 4.767

Second resistance is last Wednesday's high crossing at 5.196
First support is Tuesday's low crossing at 4.756
Second support is the reaction low crossing at 4.628

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Crude Oil and Natural Gas Numbers For Monday Morning

Crude oil was higher overnight as it extends this month's rally. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near term.

If July extends the rally off May's low, the 62% retracement level of May's decline crossing at 81.13 is the next upside target. Closes below the 20 day moving average crossing at 73.98 are needed to confirm that a short term top has been posted.

First resistance is the overnight high crossing at 78.87
Second resistance is the 62% retracement level of May's decline crossing at 81.13

Crude oil pivot point for Monday is 76.73

First support is the 10 day moving average crossing at 75.76
Second support is the 20 day moving average crossing at 73.98

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Natural gas was higher overnight as it consolidates below the 50% retracement level of the November-May decline crossing at 5.151. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near term.

If July extends this month's rally, the 62% retracement level of the November-May decline crossing at 5.429 is the next upside target. Closes below the 20 day moving average crossing at 4.670 would confirm that a short term top has been posted.

First resistance is last Wednesday's high crossing at 5.196
Second resistance is the 62% retracement level of the November-May decline crossing at 5.429

Natural gas pivot point for Monday morning is 5.058

First support is the 10 day moving average crossing at 4.933
Second support is the 20 day moving average crossing at 4.670

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Crude Oil Weekly Technical Outlook For Sunday June 20th

Crude oil recovered further to 78.18 last week but lost momentum and turned sideway. Initial bias is neutral this week. Note that we'd still expect strong resistance at 61.8% retracement of 87.15 to 64.23 at 78.39 to limit upside to conclude the whole recovery from 64.24 and bring reversal. Below 73.26 minor support will flip intraday bias back to the downside. Further break of 69.51 will target a new low below 64.24. However, decisive break of 78.39 will dampen our view and target a retest on 87.15 high instead.

In the bigger picture, whole medium term rebound from 33.2 is likely completed at 87.15 already, just ahead of 50% retracement of 147.27 to 33.2 at 90.24. Further decline should be seen to 50% retracement of 33.2 to 87.15 at 60.18 at least. Also, as rebound from 33.2 is viewed as as a correction to the whole correction that started at 2008 at 147.27, we'd anticipate a break of 33.2 low in the longer term. On the upside, however, decisive break of 78.39 Fibonacci resistance will dampen our bearish view and argue that another high above 87.15 might be seen before crude oil tops.

In the long term picture, current development suggests that rebound from 33.2 is finished at 87.15, inside 76.77/90.24 fibo resistance zone as expected. Our view is that fall fro 87.15 would develop into the third falling leg of the whole correction from 147.27 and hence, we'd anticipate an eventual break of 33.2 low in the long term as such correction extends.....Here's the charts.


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Are Crude Oil Signals Turning Neutral? Here's Fridays Numbers

Crude oil was lower due to profit taking overnight as it consolidates some of this month's rally. Stochastics and the RSI are overbought and are turning neutral hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 73.49 are needed to confirm that a short term top has been posted. If July extends the rally off May's low, the 50% retracement level of May's decline crossing at 78.46 is the next upside target.

First resistance is Wednesday's high crossing at 78.13
Second resistance is the 50% retracement level of May's decline crossing at 78.46

Fridays pivot point for crude oil is 76.92

First support is the 10 day moving average crossing at 74.92
Second support is the 20 day moving average crossing at 73.49

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Natural gas was slightly lower overnight as it consolidates some of Thursday's rally. Stochastics and the RSI are overbought and are turning neutral hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 4.628 would confirm that a short term top has been posted. If July extends this week's rally, the 62% retracement level of the November-May decline crossing at 5.429 is the next upside target.

First resistance is Wednesday's high crossing at 5.196
Second resistance is the 62% retracement level of the November-May decline crossing at 5.429

Fridays pivot point for natural gas is 5.107

First support is the 10 day moving average crossing at 4.931
Second support is the 20 day moving average crossing at 4.628

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Crude Oil Signals Remain Bullish After Overnight Profit taking

Crude oil was lower due to profit taking overnight as it consolidates some of this month's rally. Stochastics and the RSI are becoming overbought but remain bullish signaling that additional short term gains are possible.

If July extends the rally off May's low, the 50% retracement level of May's decline crossing at 78.46 is the next upside target. Closes below the 20 day moving average crossing at 73.27 would confirm that a short term top has been posted.

First resistance is Wednesday's high crossing at 78.13
Second resistance is the 50% retracement level of May's decline crossing at 78.46

Thursday's pivot point for crude oil is 77.29

First support is the 10 day moving average crossing at 74.56
Second support is the 20 day moving average crossing at 73.27

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Natural gas was higher due to short covering overnight as it consolidates some of Wednesday's decline. Stochastics and the RSI are overbought and are turning neutral hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 4.574 would confirm that a short term top has been posted. If July extends this week's rally, the 62% retracement level of the November-May decline crossing at 5.429 is the next upside target.

First resistance is Wednesday's high crossing at 5.196
Second resistance is the 62% retracement level of the November-May decline crossing at 5.429

Thursday's pivot point for natural gas is 5.046

First support is the 10 day moving average crossing at 4.884
Second support is the 20 day moving average crossing at 4.574

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Crude Oil Rises Above $75 After European Industrial Output Gains

Crude oil rose above $75 a barrel on speculation economic growth will accelerate after European industrial production climbed more than forecast in April. Oil increased as much as 3 percent after the European Union’s statistics office reported that output in the 16 nations using the euro advanced 0.8 percent. Economists projected a gain of 0.5 percent, according to a Bloomberg News survey. The dollar dropped to its lowest level against the common currency in more than a week, strengthening the appeal of commodities.

“The industrial numbers out of Europe were somewhat better than expected, which is bolstering confidence about the region’s economy,” said Phil Flynn, vice president of research at PFGBest in Chicago. “The strength of the euro is a major factor pushing most commodities higher today.” Crude oil for July delivery rose $1.25, or 1.7 percent, to $75.03 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Futures are up 4.2 percent from a year ago.

Brent crude oil for July delivery increased 68 cents, or 0.9 percent, to $75.03 a barrel on the London based ICE Futures Europe exchange. Oil retreated from the day’s high after Moody’s Investors Service said it downgraded Greece’s government bond ratings by four levels to Ba1 from A3. Oil and the euro tumbled in May on concern that Greece’s debt crisis would spread to other nations using the common currency.

The dollar declined against the euro for the fourth time in five days. The single currency gained as much as 1.5 percent to $1.2299, the highest since June 3. The Standard & Poor’s 500 Index increased 0.2 percent to 1,093.89.....Read the entire article.


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Crude Oil Poised to Extend Last Week's Rally

Crude oil was higher overnight and is poised to extend last week's rally. Stochastics and the RSI remain bullish signaling that additional short term gains are possible. Closes above the reaction high crossing at 75.72 are needed to confirm that a short term low has been posted and renew the rally off May's low. If July renews the decline off April's high, weekly support crossing at 65.66 is the next downside target.

First resistance is last Thursday's high crossing at 76.30
Second resistance is the 50% retracement level of May's decline crossing at 78.46

Crude oil's pivot point for Monday morning is 74.23

First support is the 20 day moving average crossing at 72.61
Second support is last Monday's low crossing at 69.51


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Crude Oil Weekly Technical Outlook For Sunday June 13th

Crude oil extended the consolidation from 64.24 and edged higher to 76.30 last week. Nevertheless, there is no change in the view that price actions from 64.24 are merely consolidation to fall from 87.15. Hence, even though another rise cannot be ruled out, we'd expect strong resistance at 61.8% retracement of 87.15 to 64.23 at 78.39 and bring fall resumption. Below 69.51 will flip intraday bias back to the downside for retesting 64.24 low first.

In the bigger picture, prior break of 68.59/69.50 support zone affirms our view that whole medium term rebound from 33.2 has completed at 87.15 already, just ahead of 50% retracement of 147.27 to 33.2 at 90.24. Further decline should be seen to 50% retracement of 33.2 to 87.15 at 60.18 at least. Also, as rebound from 33.2 is viewed as as a correction to the whole correction that started at 2008 at 147.27, we'd anticipate a break of 33.2 low in the longer term. On the upside, break of resistance at 78 level is needed to be indicate that fall from 87.15 is completed. Otherwise, we'll stay bearish.

In the long term picture, current development suggests that rebound from 33.2 is finished at 87.15, inside 76.77/90.24 fibo resistance zone as expected. Our view is that fall fro 87.15 would develop into the third falling leg of the whole correction from 147.27 and hence, we'd anticipate an eventual break of 33.2 low in the long term as such correction extends.....Nymex Crude Oil Continuous Contract 4 Hours Chart.


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Crude Oil, Natural Gas, Gold and Dollar Commentary For Friday Evening

Crude oil closed lower due to profit taking on Friday as it consolidated some of this week's rally. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If July extends the rally off May's low, the 50% retracement level of last month's decline crossing at 78.46 is the next upside target. Closes below Monday's low crossing at 69.51 would confirm that a short term top has been posted. First resistance is Thursday's high crossing at 76.30. Second resistance is the 50% retracement level of last month's decline crossing at 78.46. First support is Monday's low crossing at 69.51. Second support is the reaction low crossing at 67.15.

Natural gas closed higher on Friday as it consolidated some of this week's decline. The high range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 4.444 would confirm that a short term top has been posted. If July renews the rally off May's low, the 50% retracement level of the November-May decline crossing at 5.151 is the next upside target. First resistance is Tuesday's high crossing at 4.995. Second resistance is the 50% retracement level of the November-May decline crossing at 5.151. First support is the 10 day moving average crossing at 4.635. Second support is the 20 day moving average crossing at 4.444.

The U.S. Dollar closed higher on Friday due to short covering but remains below the 10 day moving average. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 87.01 are needed to confirm that a short term top has been posted. If June renews this year's rally into uncharted territory, upside targets will now be hard to project. First resistance is Monday's high crossing at 88.80. Second resistance is weekly resistance crossing at 89.71. First support is the 20 day moving average crossing at 87.01. Second support is today's low crossing at 86.77.

Gold closed higher due to short covering on Friday and closed above the 10 day moving average crossing at 1225.80. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term. Closes below last Friday's low crossing at 1198.10 are needed to confirm that a short term top has been posted. If August extends this spring's rally into uncharted territory, upside targets will now be hard to project. First resistance is Tuesday's high crossing at 1254.50. First support is the 20 day moving average crossing at 1216.10. Second support is last Friday's low crossing at 1198.10.

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Crude Oil Daily Technical Outlook For Friday Morning

As noted before, Crude oil's rebound from 64.24 is possibly still in progress and further rise might be seen. But after all, we're still expecting strong resistance at 61.8% retracement of 87.15 to 64.23 at 78.39 to limit upside to conclude the correction. On the downside, below 69.51 minor support will argue that such recovery is finished and will flip intraday bias back to the downside for retesting 64.24 low first.

In the bigger picture, prior break of 68.59/69.50 support zone affirms our view that whole medium term rebound from 33.2 has completed at 87.15 already, just ahead of 50% retracement of 147.27 to 33.2 at 90.24. Further decline should be seen to 50% retracement of 33.2 to 87.15 at 60.18 at least. Also, as rebound from 33.2 is viewed as as a correction to the whole correction that started at 2008 at 147.27, we'd anticipate a break of 33.2 low in the longer term. On the upside, break of resistance at 78 level is needed to be indicate that fall from 87.15 is completed. Otherwise, we'll stay bearish.....Nymex Crude Oil Continuous Contract 4 Hours Chart.

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