SCHATZ TECHS: (Z5) Trading At Its Recent Lows

• Nearly a $40 gain for Gold Overnight, and Zooming out of the chart, since it started to really spike following Powell at Jackson Hole, Gold has rallied an incredible $550 Dollars since that day, in just over a Month.
• Next resistance will be the $3900.00 level, while Commodity Desks will be hoping for the big Psychological $4k.

(Chart source: MNI/Bloomberg Finance LP).

• RES 4: 6812.29 2.382 proj of the Aug 20 - 28 - Sep 2 price swing 
• RES 3: 6800.00 Round number resistance 
• RES 2: 6787.63 1.382 proj of the Aug 1 - 15 - 20 price swing   
• RES 1: 6756.75 High Sep 22  
• PRICE: 6714.25 @ 07:25 BST Sep 30
• SUP 1: 6647.54 20-day EMA
• SUP 2: 6577.25 Low Sep 10 
• SUP 3: 6533.46 50-day EMA 
• SUP 4: 6481.75 Low Sep 3 

A bull cycle in S&P E-Minis remains intact. Key short-term resistance has been defined at 6756.75, the Sep 22 high where a break would resume the primary uptrend. This would open 6787.63, a Fibonacci projection. On the downside, the contract has recently pierced initial support at the 20-day EMA, currently at 6647.54. A clear breach of this average would signal scope for a deeper retracement, potentially towards the 50-day EMA, at 6526.11. 

• RES 4: $76.89 - 2.764 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $74.79- 2.500 proj of the Apr 9 - 23 - May 5 price swing
• RES 2: $73.39 - High Jun 23 and a bull trigger 
• RES 1: $66.42/68.43 - High Sep 29 / High Jul 30 and key resistance   
• PRICE: $63.19 @ 07:23 BST Sep 30
• SUP 1: $60.85 - Low Aug 13 and the bear trigger 
• SUP 2: $57.50 - Low May 30
• SUP 3: $54.89 - Low May 5
• SUP 4: $54.10 - Low Apr 9 and a key support

WTI futures have pulled back from their recent gains. The contract has recently breached $65.43, the Sep 2 high and this has potentially improved the S/T condition for bulls. However, the next key resistance is at $68.43, the Jul 30 high, where a break is required to signal scope for a stronger recovery. For bears, a reversal lower would refocus attention on key support at $60.85, the Aug 13 low. A break of this level would reinstate the downtrend.