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Greetings, Everyone and Welcome to Wednesday!
Our “Traditional” Commodity Day here on The Blog… with EIA Crude Inventories… always gives us a nice chance to look outside of our Currency World and into a little InterMarket Analysis.
( Those of you who have been with me for a while know how essential I think InterMarket Analysis and Concepts are… 
The Equities losing a bit of Steam on Tuesday is bleeding out” as of Writing-Time into Asia as we speak… and The Correlations with Gold and Crude are largely “In Line”, and following along.
Despite the “Buoyancy” we saw in Gold Tuesday… We see potential for further Weakness moving forward, as Gold still has not been able to maintain Its $990 Highs from a couple weeks back.
We are still largely Bullish in The Mid-Term and Price Action supports this View with the Macro-Uptrend… current Price Behavior looks toward the $900 Handle with Probability.
The $940.50’s Area is acting as larger Static Resistance in the Immediate-Term…and a Clean Clip of the $970’s Area is needed for overall Trend Resumption in my personal View.
Here is the Daily, so give it a Click for various Levels… and Post-Time is early evening for me at 1:00 GMT.
Crude Oil is seeing more “General” Strength than Gold is…as Gold is co tied yup in “Inflationary Sentiment Concerns”.
Crude has some Buoyancy from The Euro as well… as relatively decent Economic Data Points over the last month, in general, have provided increased Confidence in EuroZone Consumption… as well as in The U.S., where the Summer Driving Season is upon us fueled by Driving as a “cheaper” form of Transportation for Holidays in this Economic Climate.
Crude is in Consolidation on the IntraDay Perspective, but is clearly “Anchored” in Its Uptrend S.D. Channel out on the Daily Time-Cycle. While Crude is becoming Overbought with various Oscillators such as RSI… any Corrections seen will be most likely to bring in Bullish Builds as Price moves ever-closer to the “Coveted” $80 Level for OPEC.
We get back to Currencies with The Majors at 6:30/7:0 GMT for the “Currency Majors Technical Perspective” Report, so please join me then for some Immediate-Term Details on “The Four Siblings”!
As always… an Update to follow, so please come by for a visit as we prepare for the London/EuroZone Activity!