BULLION

Gold closed slightly higher on Monday as it consolidates the June-July decline. Stochastics and the RSI are overbought, diverging but are turning bullish signalling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening on Tuesday. If it extends the rally off July's low, the 87% retracement level of the June-July decline crossing is the next upside target. Closes below the 20-day moving average crossing would temper the friendly outlook.

Silver closed slightly lower on Monday as it consolidates some of this month's rally. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, June's low crossing is the next downside target.

U.S. STOCK MARKET INDICES

DJI posted a key reversal down on Monday as it consolidates some of this month's rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bullish signalling that additional strength is possible near-term. If it extends this month's rally, July's high crossing is the next upside target. SPI posted a key reversal down on Monday as it consolidates some of this week's rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bullish signalling that additional strength is possible near-term. NDI closed lower on Monday and the low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bullish signalling that additional strength is possible near-term. If it extends this month's rally, July's high crossing is the next upside target.

ENERGY

Crude Oil closed lower on Monday and still above the 10-day moving average crossing signalling that a short-term low is in or is near. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.

COFFEE

Coffee closed higher and above the 10-day moving average crossing on Monday confirming that a short-term low has been posted. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, this month's high crossing is the next upside target. Closes below Wednesday's low crossing would confirm that a top has been posted.

HY Markets
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