GILTS: Recovery From Lows Extends As Energy Pulls Back

•   RES 4: $100.00 - Psychological round number
• RES 3: $95.30 - High May 18 and the bull trigger
• RES 2: $94.02 - High May 21
• RES 1: $93.50 - High Jul 23 and key resistance  
• PRICE: $80.94 @ 07:23 BST Aug 04
• SUP 1: $77.78 - Low Jul 28   
• SUP 2: $73.35 - 76.4% retracement of the Jul 2 - 23 bull leg   
• SUP 3: $67.12 - Low Jul 2 and the bear trigger
• SUP 4: $64.89 - 76.4% retracement of the Dec 16 - May 18 bull leg 

WTI futures remain in a clear bull cycle and the latest sharp pullback appears to be a correction. Initial key pivot support to watch is $80.22, the 50-day EMA. It has been pierced, however, a clear break of it is required to signal scope for a deeper retracement. This would open $73.35, a Fibonacci retracement. A resumption of gains would refocus attention on key resistance at $93.50, the Jul 23 high. 

"BOJ: CHANGES IN JAPAN' FUNDAMENTALS, SUCH AS RISING UNDERLYING INFLATION, LIKELY BEHIND RECENT RISE IN LONG-TERM INTEREST RATES" RTRS
"BOJ: LONG-TERM INTEREST RATES ARE BEING DRIVEN BY MARKETS MORE FREELY THAN IN THE PAST AS BOJ TAPERS BOND BUYING" RTRS

• RES 4: $4773.5 - High May 12 
• RES 3: $4595.2 - High May 29
• RES 2: $4188.6 - 50-day EMA
• RES 1: $4166.1 - High Jul 22
• PRICE: $4059.6 @ 07:30 BST Aug 04
• SUP 1: $3943.3 - Low Jun 30
• SUP 2: $3900.0 - Round number support
• SUP 3: $3886.6 - Low Oct 28 2025
• SUP 4: $3771.1 - 1.382 proj of the Jan 29 - Feb 2  - Mar 3 price swing

The recent consolidation in Gold appears to be a triangle. If correct, it reinforces the bearish theme - a triangle is a continuation pattern. Note too that moving average studies are in a bear-mode position highlighting a dominant downtrend. A resumption of the bear leg would open the $3900.00 handle next. Firm resistance is at the 50-day EMA, at $4188.6. A clear break of this line is required to signal a possible short-term reversal.