GOLD
Gold remains under pressure and have accelerated lower after 1293, trendline support, was taken out, with fresh bears also breaking below key near-term supports at 1284/1280, 200SMA and higher low / Fibonacci 61.8% retracement of larger 1240/1344 ascend. Negative near-term technicals and fresh bears, developing on a daily chart, suggest further downside, with 1265, Fibonacci 76.4% retracement and 1258, 17 June higher low, seen en-route towards key support at 1240, 03/05 June higher base. Oversold near-term studies signal corrective action before fresh bears resume, with 1293, broken bull-trendline, expected to ideally cap corrective attempts.
Res: 1283; 1287; 1293; 1297
Sup: 1265; 1258; 1250; 1240
SILVER
Silver extends short-term weakness off 21.56, 10 July peak, to test so far the target at 19.31, Fibonacci 76.4% of 18.62/21.56 ascend, ahead of psychological 19.00 support and final push towards 18.62, 30 May low, for full retracement of 18.62/21.56 ascend. Negative technicals keep the downside favored in the near-tem, with corrective rallies, expected to interrupt descend. Lower base at 19.74 offers initial resistance, ahead of psychological 20.00 barrier and 20.10, 20/200SMA’s death cross, also daily Ichimoku cloud base, where corrective rallies should be limited.
Res: 19.74; 20.00; 20.10; 20.30
Sup: 19.30; 19.00; 18.62; 18.19
CRUDE OIL
Crude Oil extended downtrend from 107.45, 23 June peak, to 92.49 so far, in attempt to re-test 91.23, 19 Jan low, to fully retrace multi-month 91.23/107.45 ascend. With bears prevailing on all timeframes, final push towards 91.23 is seen as preferred near-term scenario. However, bears would bed be paused by corrective actions on oversold studies, with initial barrier at 94.35, ahead of lower top at 95.36 and key lower platform at 96.90zone, below which extended corrective rallies should be capped.
Res: 94.35; 95.36; 96.00; 96.90
Sup: 93.00; 92.50; 92.00; 91.23
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