Technical Summary for Commodities

GOLD Spot


Spot gold holds negative near-term tone, following upside rejection at 1590 and sharp fall that erased nearly 76.4% of 1539/1590 recovery rally. Prevailing negative tone on 4h chart, with price below 20/55 EMA’s bearish crossover, keeps the downside in focus, with consolidation / limited correction on oversold hourlies, expected to precede fresh weakness, as 10 day EMA caps the upside attempts for now. Initial supports lie at 1553, session low and 1549, 05 Apr low, below which to open 1539, 04 Apr low, for full retracement. Only break above 1576, 61.8% of 1590/1553 descend / 55 day EMA, would revive bulls.

Res: 1561, 1567, 1571, 1576
Sup: 1553, 1549, 1539, 1533





SILVER Spot

Spot Silver attempts to base, after pullback from 28.07 high found support at 27.39, 50% retracement of 26.62/28.07 recovery rally. Hourly indicators are showing signals of recovery, however, while holding in the negative territory, recovery attempts will be limited, as 20/55 day EMA’s cap at 27.60, near-term consolidation range top. More positive tone is seen at 4h chart, where studies are still in the positive territory, however, holding above near-term lows at 27.39 is seen essential for further recovery. Otherwise, violation of the latter, would increase bear-pressure for further retracement towards 27.15, Fib 61.8 / 08 Apr low, next downside target.

Res: 27.64, 27.76, 28.07, 28.17
Sup: 27.39, 27.15, 27.00, 26.77





CRUDE OIL (May)

Crude oil holds positive near-term tone off 91.93, 05 Apr low, as recovery rally retraced exactly 50% of 97.68/91.93 fall at 94.81. Hourly studies are positive, while 4h indicators are attempting above their midlines that requires break above 94.81/95.00, to signal resumption of near-term bulls and open 95.48, Fib 61.8%. The structure is supported by ascending 20 day EMA at 93.85, while only slide below 93.40, yesterday’s low, would delay near-term bulls.

Res: 94.81, 95.48, 96.00, 96.32
Sup: 94.12, 93.85, 93.40, 93.00