AUG GOLD
Resist: 1584.50, 1599.50-1602.00*
Supprt: 1553.30, 1547.90-, 1530.20+/-
Comment: Tuesday’s rejection from over 1599.50 and break into an outside bear day alerts for a trend shift to the downside that will drive declines to attack under 1550.20-. A close below 1547.90- calls for selloffs to attack 1530.20+/- weekly support and attempt a larger downside breakout. Any corrections trapped within Tuesday’s range will stay setup for selloffs. A close over 1602.00* is needed to flip the bias of congestion back to the upside.
SEP SILVER
Resist: 27.44-27.56, 27.98, 28.45*
Supprt: 26.59, 26.15-, 25.25
Comment: The market suggests a negative turnover and should drive selloffs to attack for a breakout under the recent 26.15 low. A close under 26.15 will open up a likely selling wave to 25.25. Trade may try to hang in basing / bottoming trade by creeping back into the selloffs of late last week, but a close over key 28.45* resistance is needed to secure a short term upturn and launch a move into the 29.19-29.98 range.
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