Daily reports and webinars at charmerchart.com 

WTI Oil:

WTI Crude Oil tried to rally again reaching as far as 101.10/30 where we advised attempting shorts and indeed the market topped out at 101.29.

Pressure does remain to the downside with the large double top pattern looking to dominate in the weeks to come. A move below 98.50/40 should then signal a test of recent lows at 97.55/40 today. Failure here is very possible today and would then set us up for a test of very good support at 96.94 which would be expected to attract buyers and therefore hold the downside today. Cover all shorts here.

If we can get back above 98.90/99.00 we can test resistance at 99.90/100. We may not make it any higher today so attempt short positions here with stop losses placed above 100.60. A break through here  brightens the short term out look allowing a return to 101.10/30. Attempt short positions here once again today with stop losses placed above 101.65. Attempt shorts then in the 102.00/25 area.

Spot Gold:

Gold broke the 1739 barrier yesterday reaching 1747 before coming back below 1739. We are overbought
on the daily charts..and there is still a case for further correction to address this scenario…

A move back to 1718/14 should not be ruled out over the next 2 sessions and we would like to see buyers
in at these lower levels….however if a decline to here does not alter the overbought state of the market we should expect further weakness to 1696/93 which is the first med tem fib level… we would expect buyers in defending this support and we will hold longs unless a break below 1690 occurs.

Now if we climb back and hold above 1739 we should shrug off the overbought state of affairs and try for 1747 once more...A break above here keeps the immediate pressure to the topside seeing 1756 then is the short term objective.