[Dan]

Crude


Crude has closed above the resistance level that was at $54.66 and also closed to new highs for this year.

The short term trend is up and we continue to target the 200 day moving average at $66+

Gold


The overall setup is bullish with the market posting a 76.4% Fibonacci retracement against the lows. A breach of the near term resistance at $918.25 on a close basis would be a very bullish development suggesting a test of $966 in the short term and then the highs again.

Gold / London Metal Exchange Index


• Could we be seeing a basing formation?
• The market has held the 200 day moving average and has also formed a 76.4% Fibonacci retracement against the lows which converges with the trend support at 0.40.
• A turn here could give a leading indication of weakness in general market confidence. We shall have to see whether this will turn out to be the case but it is worth noting that this ratio turned before the stock market did in March this year (the ratio turned in Feb).