NORWAY: No Clear Signs Of Labour Market Slack Building

• RES 4: $77.85 - 2.794 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $75.65 - 2.500 proj of the Apr 9 - 23 - May 5 price swing
• RES 2: $74.25 - High Jun 23 and a bull trigger 
• RES 1: $66.56/69.36 - High Aug 4 / High Jul 30 and key resistance   
• PRICE: $65.35 @ 07:20 BST Sep 3
• SUP 1: $61.29 - Low Aug 13 and the bear trigger 
• SUP 2: $57.71 - Low May 30
• SUP 3: $54.80 - Low May 5
• SUP 4: $54.03 - Low Apr 9 and a key support

A bear cycle in WTI futures remains intact and the latest bull phase appears to be a correction. This short-term corrective cycle remains in play and Tuesday’s rally reinforces this theme. Initial resistance to watch is $66.56, the Aug 4 high. Key short-term resistance has been defined at $69.36, the Jul 30 high. Clearance of this level would cancel a bear theme. A resumption of weakness would pave the way for a move towards $57.71, the May 30 low.

• RES 4: $3674.8 - 2.382 proj of the Dec 30 ’24 - Apr 3 - 7 price swing
• RES 3: $3623.1 - 2.236 proj of the Dec 30 ’24 - Apr 3 - 7 price swing
• RES 2: $3600.0 - Round number resistance
• RES 1: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing             
• PRICE: $3533.3 @ 07:28 BST Sep 3
• SUP 1: $3470.3 - Low Sep 2  
• SUP 2: $3396.2 - 20-day EMA
• SUP 3: $3360.9 - 50-day EMA
• SUP 4: $3311.6 - Low Aug 20  

Gold remains in a clear bull cycle. This week’s gains have resulted in a breach of key resistance at $3500.1, the Apr 22 high, and delivered a fresh all-time high in the yellow metal. The break confirms a resumption of the primary uptrend and an extension of the sequence of higher highs and higher lows. The next objective is the $3600.00 handle. Initial firm support to watch lies at $3396.2, the 20-day EMA. 

• RES 4: $79.16 - 2.618 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $77.28 - 2.382 proj of the Apr 9 - 23 - May 5 price swing
• RES 2: $76.39 - High Jun 23 and a bull trigger 
• RES 1: $69.53/71.93 - High Sep 2 / High Jul 30 and a key resistance 
• PRICE: $68.94 @ 07:10 BST Sep 3
• SUP 1: $64.50 - Low Jun 30 and a key short-term support
• SUP 2: $60.82 - Low May 30
• SUP 3: $58.37 - Low May 5
• SUP 4: $57.81 - Low Apr 9 and a key support   

Brent futures have traded higher this week. Short-term gains are for now, considered corrective and a bear cycle remains intact. A resumption of weakness would refocus attention on $64.50, the Jun 30 low, where a clear break would confirm a resumption of the bear leg. This would open $60.82, the May 30 low. On the upside, key short-term resistance has been defined at $71.93, the Jul 30 high. Clearance of this level would cancel a bear theme.