Technical Summary for Commodities


GOLD

Gold extended rally from 1304, previous range floor and 61.8% of 1292/1324 upleg, where corrective pullback off 1324, fresh recovery peak, found support. Rally so far peaked at 1318, which marks over 61.8% retracement of 1324/1304 descend. Weekly close above psychological 1300 support, maintains positive sentiment, as corrective easing off 1318, was contained at 1310, previous support and 55 SMA, keeping the upside favored for now. Hourly studies hold positive tone, while 4-hour MACD is attempting through the midline and bullish momentum building up. Fresh rally above 1318 high is required to confirm higher lows formation for resumption of the rally and attack at key 1324 peaks. Otherwise, prolonged consolidation, with moderate downside risk in case of violation of 1310 and 1304 supports, would be likely near-term scenario.

Res: 1318; 1324; 1339; 1344
Sup: 1310; 1307; 1304; 1300

gold



SILVER

Silver trades in near-term corrective mode off 20.56, 16 July low, where easing from 21.56, 10 July fresh high, found support. Initial rally, which surged above 21 handle, failed to sustain gains and subsequent descend from 21.24 rejection, weakened near-term structure. Hourly studies hold slight positive tone on renewed attempts at 21 barrier, however, clear break above 21 handle and regain of pivotal 21.24 high, is seen as minimum requirement to bring bulls back in play and avert still present downside risk, which is expected to increase on easing below 20.72 higher low and key 20.56 low.

Res: 21.10; 21.24; 21.44; 21.56
Sup: 20.72; 20.56; 20.43; 20.00

silver


CRUDE OIL

Crude Oil trades in near-term corrective mode, off 98.67, 15 July fresh low, after descend from 107.45 peak, fully retraced 98.73/107.45 ascend. Technical break is seen preceding fresh attempt lower, as overall picture remains bearish and corrective rallies being so far capped at psychological / 50% retracement, 103 barrier. On the other side, positively aligned near-term studies, see the upside attempts still favored, with clear break above pivotal 103 barrier, required to signal further recovery towards next target at 104.10, Fibonacci 61.8% retracement. Otherwise, slide below 101.47 higher base and 101.32, Fibonacci 38.2% of 98.67/102.96 upleg, would be initial signal of lower top formation and fresh extension lower.

Res: 103.00; 103.32; 104.10; 105.38
Sup: 101.47; 101.00; 100.80; 100.31

crude oil

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