NORWAY: Trend LFS Unemployment Rate Steady In August

• RES 4: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
• RES 3: $3500.1 - High Apr 22 and bull trigger
• RES 2: $3451.3 - High Jun 16  
• RES 1: $3409.2/3439.0 - High Aug 8 / 23             
• PRICE: $3373.7 @ 07:21 BST Aug 26
• SUP 1: $3311.6/3268.2 - Low Aug 20 / Low Jul 30 
• SUP 2: $3248.7 - Low Jun 30 and the bear trigger
• SUP 3: $3204.7 - Low May 20
• SUP 4: $3121.0 - Low May 15 and key support 

The medium-term trend condition in Gold remains bullish - moving average studies remain in a bull-mode position highlighting a dominant uptrend. The sideways direction that has been in place since the Apr peak appears to be a pause in the uptrend. A resumption of gains would open $3439.0, the Aug 23 high. Key resistance and the bull trigger is at $3500.1, the Apr 22 low. On the downside, first key support to watch lies at $3268.2, the Jul 30 low.

• RES 4: $81.07 - 2.764 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $79.86 - 2.618 proj of the Apr 9 - 23 - May 5 price swing
• RES 2: $77.73 - High Jun 23 and a bull trigger 
• RES 1: $69.98/72.83 - High Aug 4 / High Jul 30 and a key resistance 
• PRICE: $68.49 @ 07:06 BST Aug 26
• SUP 1: $65.01 - Low Aug 13
• SUP 2: $60.96 - Low May 30
• SUP 3: $58.18 - Low May 5
• SUP 4: $57.74 - Low Apr 9 and a key support   

Brent futures are holding on to their most recent gains. Despite the latest recovery - a correction - a bear cycle remains intact. Sights are on $65.01, the Aug 13 low, where a clear break would confirm a resumption of the bear leg and pave the way for an extension lower. A clear breach would open $60.96, the May 30 low. Key short-term resistance has been defined at $72.83, the Jul 30 high. Clearance of this level would cancel a bear theme.

• RES 4: 92.15 High Aug 11  
• RES 3: 92.06 High Aug 14       
• RES 2: 91.45 High Aug 15
• RES 1: 91.24 High Aug 18 and a key near-term resistance 
• PRICE: 90.96 @ Close Aug 22
• SUP 1: 90.31 Low Aug 22
• SUP 2: 90.11 Low May 22 and a key support
• SUP 3: 90.0089.99/ Psychological round number / Low Apr 9 (cont)
• SUP 4: 89.68 Low Jan 15 (cont)       

A bear cycle in Gilt futures remains in play and the contract is trading closer to its recent lows. Note that on the continuation chart, moving average studies are in a bear-mode position, highlighting a clear downtrend - for now. First support to watch is 90.31, the Aug 22 low. A break would resume the bear leg and open the 90.00 handle. Initial resistance is at 91.24, the Aug 18 high.