FRANCE AUCTION RESULTS: MT OATs

• MNI: GERMANY ZEW SEP ECONOMIC EXPECTATIONS 37.3
• GERMANY ZEW SEP CURRENT CONDITIONS -76.4

• MNI: EUROZONE JUL IP +0.3% M/M, +1.8% Y/Y (VS -0.6% M/M, +0.7% Y/Y JUN)

The trend condition in WTI futures is unchanged - a bear cycle remains intact and short-term gains are considered corrective. The pullback from the Sep 2 high highlights a possible recent reversal and the end of a corrective phase between Aug 13 - Sep 2. Initial resistance to watch is $66.03, the Sep 2 high. Key short-term resistance has been defined at $69.36, the Jul 30 high. A stronger resumption of weakness would open $57.71, the May 30 low. Gold remains in a clear bull cycle and has started the week on a firmer note - yesterday the metal traded to a fresh all-time high, once again. The break higher confirms a resumption of the primary uptrend and an extension of the sequence of higher highs and higher lows. The next objective is the $3700.00 handle and $3705.2, a Fibonacci projection. Initial firm support lies at $3532.8, the 20-day EMA.

• WTI Crude down $0.33 or -0.52% at $62.95
• Natural Gas up $0.01 or +0.2% at $3.049
• Gold spot up $15.39 or +0.42% at $3694.46
• Copper down $1.75 or -0.37% at $470.05
• Silver up $0.01 or +0.02% at $42.6995
• Platinum down $1.3 or -0.09% at $1405.19