Today’s sample of Futures Analysis from

The stronger U.S. Dollar is putting pressure on December Gold this morning. The weak action comes on the heels of a closing price reversal top from two days ago. The short-term range is 907.60 to 962.70. Based on this range the first downside target is 935.20 to 928.70. Today’s low at 927.60 tested the low end of the range. Regaining this area could trigger a short-covering rally.

Yesterday’s closing price reversal top in September Silver was confirmed with a breakdown under 13.58. The first objective was met today at 13.26. Additional selling pressure may break this market to 13.07.

Overnight the Shanghai Composite Index dropped 5%. This put pressure on U.S. equity markets from the opening. After finding resistance at 50% of the week’s range at 974.00, the September E-mini S&P 500 is now poised to retest the low of the week at 964.00.

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