GOLD Spot
Gold trades in a triangular consolidation and narrowed range, hovering around psychological 1600 handle. Initial limits lie at 1608 and 1590, with break of either side, expected to define fresh direction. Both, hourly and 4h studies are negatively aligned that keeps the downside more pressured, as price failed to sustain gains above 1600 and holding below 20/55 day EMA’s. Loss of near-term range floor at 1590 is expected to spark fresh weakness towards initial support at 1576, while relief will be provided on a break above 1608, 27 Mar high.
Res: 1600, 1603, 1608, 1613
Sup: 1593, 1590, 1587, 1576
SILVER Spot
Silver remains under pressure after completing 27.93/ 29.35 near-term corrective phase. Marginally fresh low was posted at 27.85, with consolidation on overextended near-term studies under way. Possible extension higher faces initial resistance at 28.20, ahead of more significant 28.55, previous lows and 50% of 29.33/27.85 descend that is expected to cap for now. Downsides break below 27.85 to open 27.50, 15 Aug 2012 low.
Res: 28.20, 28.55, 18.76, 29.00
Sup: 27.85, 27.50, 27.00, 26.62
CRUDE OIL (May)
Crude oil holds bullish tone, trading within consolidative range under fresh high of 97.68, posted yesterday. While downside remains supported at 96.00, scope is see for fresh attack at 97.68, as the price regains 97.00 handle. Positive near-term studies keep the upside focused for possible full retracement of 98.63/89.35, 6-weeks corrective phase. Larger picture studies are also supportive, as the price emerges above daily Ichimoku cloud.
Res: 97.68, 98.00, 98.22, 98.63
Sup: 96.61, 95.90, 95.00, 94.50
Gold trades in a triangular consolidation and narrowed range, hovering around psychological 1600 handle. Initial limits lie at 1608 and 1590, with break of either side, expected to define fresh direction. Both, hourly and 4h studies are negatively aligned that keeps the downside more pressured, as price failed to sustain gains above 1600 and holding below 20/55 day EMA’s. Loss of near-term range floor at 1590 is expected to spark fresh weakness towards initial support at 1576, while relief will be provided on a break above 1608, 27 Mar high.
Res: 1600, 1603, 1608, 1613
Sup: 1593, 1590, 1587, 1576
SILVER Spot
Silver remains under pressure after completing 27.93/ 29.35 near-term corrective phase. Marginally fresh low was posted at 27.85, with consolidation on overextended near-term studies under way. Possible extension higher faces initial resistance at 28.20, ahead of more significant 28.55, previous lows and 50% of 29.33/27.85 descend that is expected to cap for now. Downsides break below 27.85 to open 27.50, 15 Aug 2012 low.
Res: 28.20, 28.55, 18.76, 29.00
Sup: 27.85, 27.50, 27.00, 26.62
CRUDE OIL (May)
Crude oil holds bullish tone, trading within consolidative range under fresh high of 97.68, posted yesterday. While downside remains supported at 96.00, scope is see for fresh attack at 97.68, as the price regains 97.00 handle. Positive near-term studies keep the upside focused for possible full retracement of 98.63/89.35, 6-weeks corrective phase. Larger picture studies are also supportive, as the price emerges above daily Ichimoku cloud.
Res: 97.68, 98.00, 98.22, 98.63
Sup: 96.61, 95.90, 95.00, 94.50
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