[Gold] is lower today and the market is facing daily momentum issues once more. Peak readings set in late February haven't been re-approached, either at the April 20 price top nor yesterday. The non-confirm, in line with weak showings in related markets (silver, XAU, HUI) raises concerns that the whole period since last July's top has traced out a large rising wedge that is set to resolve to the downside with the steady failure(s) to penetrate the $700 region.
Long-term uptrends are at $661.50-67.50 today, not at risk of being reached but worth monitoring for signs of weakness. Weekly/monthly supports at $675 would have to give way first, of course. Trend Intensity, IFR's proprietary trend indicator, has been slow to fire (bullishly) and remains stalled at neutral. A sub-$687 close today sends daily trends on another model back to neutral.
In [oil], with the setting of a new bearish Trend Intensity signal last Friday, near-term bounces should be viewed as selling opportunities. The multiple time frame zone of support mentioned on Monday at $59-60 remains a target. Daily chart resistance is approximately $62.00-50. Yesterday's lows reached 50% retracement targets of 2007 range at $60.90; key 62% measures are a shade below $59.
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