OIL and GOLD Update
The target on the rally from 38.2% back to the 4/22/20 low at 36.50 should send them to 46.50, failing to get a couple closes above the 200 day average at 42.10 should send it back to retest 36.50. These two levels can be the trading range for the next few months. With a couple solid closes below 36.50 look for 32.00.
Gold is at a critical area between 1850.00 and 1836.00. This area is 23.6% back to the 2015 low (1845.00), 38.2% back to the 3/16/20 low (1850.00), 61.8% back to the 6/5/20 low (1845.00) and a major Gann square at 1836.00. They can trade below this area, but the close has to be back above 1850.00, even better would be a close back above the previous spike low at 1874.00. Holding this area should send them back to test the all-time high. On a failure to hold this area look for the long term swing point between 1680.00 and 1700.00. The key level here being 38.2% back to the 2015 low at 1680.00.