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ES 1097.75 / 1091.75 POC… 1093.50 YM 10,388 / 10,342 NQ 1863.50 / 1857.00 Statistics: Posted by Bon — Wed Sep 08, 2010 8:31 am

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Daily Value Areas (Futures) • 8th September

Crude oil is still bounded in sideway consolidation from 70.76 and intraday bias remains neutral for the moment. Another recovery cannot be ruled out but still, upside is expected to be limited by 61.8% retracement of 82.97 to 70.76 at 78.31 and bring resumption of fall from 82.97. Sustained trading below 70.76/71.09 support zone will confirm our bearish view that whole rebound from 64.23 is finished at 82.97 already and target another low below 64.23.

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Crude Oil Daily Technical Outlook

Natural gas’ consolidation from 3.61 is still in progress and intraday bias remains neutral. Another recovery cannot be ruled out yet but after all, upside is expected to be limited by 4.288 support turned resistance and bring fall resumption. Below 3.77 will flip intraday bias back to the downside and break of 3.61 will confirm fall resumption to 2.896 projection level. However, decisive break of 4.288 will indicate that a short term bottom is at least formed and will bring stronger rise to 5.007 resistance instead.

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Natural Gas Daily Technical Outlook

Gold continues to edge higher towards record high 1266.5 even though upside momentum remains a bit unconvincing. We’ll continue to stay neutral with Gold staying below 1266.5. On the downside break of 1233.6 support will be the first signal that whole rebound from 1155.6 is finished. Further break of 1211.7 support will confirm this case and target another low below 1155.6. However, decisive break of 1266.5 will confirm up trend resumption and should target 1300 psychological level next.

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Gold Daily Technical Outlook

Silver edges higher to 20.045 even though it continues to lose upside momentum. We’ll stay neutral first. Below 19.566 will bring deeper pull back. But after all, short term outlook will remain bullish as long as 18.70 resistance turned support holds and further rally would remain in favor to 61.8% projection of 14.65 to 19.845 from 17.735 at 20.946.

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Silver Daily Technical Outlook

Financial markets continue to move lower, shrugging off stronger-than-expected Japanese machinery orders and growth in UK’s industrial activities, as renewed concerns about the banking sector in Europe hurt sentiment. Stocks in Asia plunged for a second day with the MSCI Asia Pacific Index more than -1%. European bourses open lower with UK’s FTSE 100, Germany’s DAX and France’s CAC 40 slipping more than half a percentage point. In the commodity sector, WTI crude oil extends weakness below 74 again after rebounding above the level yesterday. Gold climbs higher with the benchmark contract rising to 1261, a step closer to the record high.

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Sentiment Under Pressure on European Concerns. Labor Actions in S. Africa Hurt PGM Production

Investors took profits after the post-payrolls rally last week. Renewed worries about the stability of the European banking system shook confidence and triggered selloffs in stocks, currencies and commodities with gold as an exception. WTI crude oil price initially plunged to as low as 72.63 but news about refinery explosion in Mexico helped pare losses. The front-month contract ended the day at 74.09, down -0.68% from Friday’s close. Gold glittered with the benchmark contract jumping to 1261.6, just 4.9 below the record high of 1266.5 made in June, before settling at 1259.3, up +0.66%. The yellow metal usually outperforms when economic outlook is uncertain and sovereign/ banking risk heightened.

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Gold Near Record High amid European Banking Concerns

ES 1102.75 / 1095.25 POC… 1102.50 YM 10,425 / 10,367 NQ 1867.25 / 1854.25 Statistics: Posted by Bon — Tue Sep 07, 2010 8:20 am

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Daily Value Areas (Futures) • 7th September

At this point, we’re staying neutral in Gold as it’s in proximity to 1266.5 key resistance. On the downside break of 1233.6 support will be the first signal that whole rebound from 1155.6 is finished. Further break of 1211.7 support will confirm this case and target another low below 1155.6.

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Gold Daily Technical Outlook

With 4 hours MACD crossed below signal line, a temporary top is formed at 19.985 and bias is turned neutral. Deep retreat might be seen to 4 hours 55 EMA (now at 19.385 ) and below. However, note that short term outlook will remain bullish as long as 18.70 resistance turned support holds and further rally would remain in favor. Above 19.985 will target 61.8% projection of 14.65 to 19.845 from 17.735 at 20.946.

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Silver Daily Technical Outlook