GOLD
Near-term outlook turned negative, as the price action is establishing below 1300 level, following break and close below here. This signals further weakness, as downside attempts dipped to 1292 so far. Fresh weakness through bull trendline off 1292 low, confirms bearish stance, which requires extension below 1292 low; main bull-trendline off 1240 and daily Ichimoku cloud base, to be confirmed. Double bear-cross 10/55 and 20/55SMA’s at 1305, along with previous consolidation floor, offers good resistance and should keep the upside limited. Daily indicators hold in the neutrality zone and require break of either side to define fresh direction.
Res: 1302; 1305; 1311; 1314
Sup: 1292; 1287; 1280; 1266
SILVER
Silver maintains negative tone overall, with near-term price action resuming descend after brief 19.46/19/70 consolidation. Fresh bears are targeting 19.31, Fibonacci 76.4% of 18.62/21.56 ascend and psychological 19.00 support, in extension. Formation of 20/200SMA death-cross at 20.10, reinforced lower platform, and maintains downside pressure and should cap the upside attempts.
Res: 19.70; 19.90; 20.10; 20.30
Sup: 19.31; 19.00; 18.62; 18.19
CRUDE OIL
Crude Oil remains under pressure and continues to trend lower, with retest of yesterday’s fresh low at 93.41, signaling fresh downside. Extension of the third wave from 103.37, looks for completion of 91.23/107.45 ascend and 91.01, 138.2% Fibonacci expansion. Studies remain negative and keep the downside favored, with corrective attempts on oversold condition, to be ideally contained under 96.90 lower platform.
Res: 95.36; 96.54; 96.90; 98.55
Sup: 93.00; 92.50; 92.00; 91.23
Near-term outlook turned negative, as the price action is establishing below 1300 level, following break and close below here. This signals further weakness, as downside attempts dipped to 1292 so far. Fresh weakness through bull trendline off 1292 low, confirms bearish stance, which requires extension below 1292 low; main bull-trendline off 1240 and daily Ichimoku cloud base, to be confirmed. Double bear-cross 10/55 and 20/55SMA’s at 1305, along with previous consolidation floor, offers good resistance and should keep the upside limited. Daily indicators hold in the neutrality zone and require break of either side to define fresh direction.
Res: 1302; 1305; 1311; 1314
Sup: 1292; 1287; 1280; 1266
SILVER
Silver maintains negative tone overall, with near-term price action resuming descend after brief 19.46/19/70 consolidation. Fresh bears are targeting 19.31, Fibonacci 76.4% of 18.62/21.56 ascend and psychological 19.00 support, in extension. Formation of 20/200SMA death-cross at 20.10, reinforced lower platform, and maintains downside pressure and should cap the upside attempts.
Res: 19.70; 19.90; 20.10; 20.30
Sup: 19.31; 19.00; 18.62; 18.19
CRUDE OIL
Crude Oil remains under pressure and continues to trend lower, with retest of yesterday’s fresh low at 93.41, signaling fresh downside. Extension of the third wave from 103.37, looks for completion of 91.23/107.45 ascend and 91.01, 138.2% Fibonacci expansion. Studies remain negative and keep the downside favored, with corrective attempts on oversold condition, to be ideally contained under 96.90 lower platform.
Res: 95.36; 96.54; 96.90; 98.55
Sup: 93.00; 92.50; 92.00; 91.23
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