Gold continues to stay in a very narrow range, building towards a breakout while WTI crude oil prices continue to march on higher towards the summer peak. The S&P 500 is hanging out in record territory and continues to receive the benefit of the doubt for higher prices. The DAX has resistance to contend with but supportive risk sentiment.
TECHNICAL HIGHLIGHTS:
- Gold price range continues to put a stranglehold on outlook
- Crude oil has eyes for gains to July highs (or better)
- S&P 500 hanging out in record territory, receives benefit of the doubt
- DAX runs into confluent resistance, but has supportive risk trends
GOLD PRICE RANGE CONTINUES TO PUT A STRANGLEHOLD ON OUTLOOK
It’s been a brutally tight range this month, and should it hold through the end of the week it will be the smallest since 1996. This has sidelined traders from having an edge, but the good news is the narrow range, whether it remains through month-end or not, won’t last forever and is likely to lead to a sizable move one resolved. The upside is still favored after the capitulation move last month, but we’ll reserve our outlook until a direction becomes apparent.
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