Gold holds inside of a slowly rising one-month channel, with deep corrections of around $100

XAU/USD

Gold could not hold above 3435/3430 & broke minor support at 3412/08 for a sell signal, hitting the next downside target of 3390/86, with a low for the day at 3382.

Below 3382 today targets 3372/68.

A break below 3363 is a sell signal targeting 3349/45.

It's difficult to identify decent opportunities as we hold inside of a slowly rising 1 month channel, with deep corrections of around $100.

We must scalp the short term levels.

If this correction follows the pattern then we can expected to see 3349/45 but 3330/25 is not out of the question.

Minor resistance at 3410/15 (you'll remember us holding this area yesterday morning on the way down).

A break above 3324 opens the door to 3335/40 before a retest of yesterday's high at 3350/51.

XAG/USD

Silver barely moving with 2 Doji's & holding inside of Friday's range, so same levels apply for today.

For today support at 3580/60 will be key again.

A break above 3665 could trigger a retest of the June high at 3680/90.

However a break below 3540 risks a slide to 3510/00 & perhaps as far as 3490/3480.

WTI Crude July future

Last session low & high: 6938 - 7749.

WTI Crude July very volatile again as prices initially collapsed as far as support at 7150/7100 but continued lower to the next target of 6950/6920, with a low for the day here.

We then shot higher to the 7350/7400 level with a high for the bounce here.

A break above 7450 opens the door 7600 before a retest of 7730/62. A break above 7790 can target 7830/60.

8100/8150 is possible eventually.

Failure to beat minor resistance at 7350/7400 targets support at 7150/7100. (The last swing low held this level).