[Gold] is setting outside day structure up today, its first sign of near-term recovery since the market first got hammered a week ago. This more upbeat structure is still sharply overshadowed by last week's large range outside-down week. $652.50-55.50 is where daily resistance hurdles are first found.
Monthly levels are even closer at $649.50-52.00 200-day moving averages at $633.50 were never quite reached, with prices coming within $1 today. On a dip, intraday supports are at $642-45 and rising. The break below 62% retracements of 2007 range yesterday at $640 did not persist, and the push back above provides short-term relief.
In [oil], follow-through action from yesterday's break has not been forthcoming, with inside day structure forming today. Trend Intensity is neutral (also neutral in gold). Daily resistance is well formed at $61.05-45 Apr. With intraday momentum turning bearish yesterday, the market is still above 100-and 200-period averages on hourly charts on either side of $60.
Major resistance from 200-day averages at $62 has effectively thwarted the advance before this week and remains the level that must be breached to the upside before thinking that the broader $62-67 from the last quarter of 2006 will be challenged.
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