Crude Oil Critical Coming more than $1 Down

Nymex crude futures are down more than $1 and near key technical support levels above $70/bbl, a break of which could push prices significantly lower. Sep crude is now -$1.24 at $70.65; support is clustered around $70.30-$70.70.

This is the zone where a bull market correction should stop.

If it doesn't, the bullish case for a continuation of the uptrend is seriously weakened and front-month crude could drop into the low $60s. Crude futures have lost more than 10% since hitting record high of $78.40 on Jul 14, two days after outbreak of fighting between Hezbollah and Israel.

This Push Down has also brought Gold/Silver with it as well.

As we mentioned there has been a Tug of War with Gold/Silver along with USD and Crude oil.

Shall Advice further.