* RES 4: $4113.5 - 2.618 proj of the May 15 - Jun 16 - 30 price swing * RES 3: $4100.0 - Round numbe...
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This morning's USD weakness is helping prop the major pairs through to new September highs headed into this week's economic and inflation data (today benchmark payrolls revisions, Wednesday PPI, Thursday CPI).
Gold remains in a clear bull cycle and last week’s gains plus Monday’s bullish start to the week, reinforce current conditions. The yellow metal has traded to a fresh all-time high. The break also confirms a resumption of the primary uptrend and an extension of the sequence of higher highs and higher lows. The next objective is $3674.8, a Fibonacci projection. Initial firm support lies at $3458.7, the 20-day EMA.
Recent short-term gains in Brent futures 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 continuation of the bear leg. This would open $60.82, the May 30 low. Key short-term resistance has been defined at $71.93, the Jul 30 high. Clearance of this level would cancel a bear theme.