GOLD
Gold trades in consolidative mode, with near-term price action moving within 1206/1235 range. Hourly studies are improving, with 4-hour MACD bullish divergence, signaling possible attempts higher, as the price action consolidates around 50% of 1206/1231 upleg. Regain of range tops at 1231/35 is required to confirm near-term base and double bottom formation, for stronger recovery attempt, expected on a break higher. Otherwise, prolonged sideways trade would likely precede fresh push lower and attempts at pivotal 1208/06 and 1200 supports, as daily studies are bearish.
Res: 1223; 1226; 1231; 1235
Sup: 1215; 1212; 1206; 1200
SILVER
Silver remains in consolidative phase off fresh low at 17.33, with psychological 18 barrier, keeping the upside capped and narrowing range of near-term price action, approaching consolidation floor and breakpoint at 17.33. Completion of weekly bearish pennant signals resumption of multi-year descend from 49.77, 2011 peak, which is looking for further retracement and possible completion of larger 8.48/49.77, 2008/2011 ascend, in the short-term. Only break above pivotal 18.19, 28 June previous low, would sideline downside risk.
Res: 17.72; 17.86; 18.00; 18.19
Sup: 17.33; 17.00; 16.50; 16.00
CRUDE OIL
Crude Oil maintains positive near-term tone and is poised to complete 94.08/90.39 bear-leg, to signal near–term base and further recovery action ahead. Near-term price action attempts through bear-channel barrier at 93.69, the first obstacle on the way to pivotal 94.08 barrier and peak of 16 Sep. Bullish daily RSI / MACD divergence, supports the notion, however, weak daily studies warn of possible rejection under 94.08, which may signal prolonged consolidative phase and keep the downside at risk.
Res: 94.08; 95.49; 96.08; 96.36
Sup: 92.73; 92.04; 91.11; 90.39
Gold trades in consolidative mode, with near-term price action moving within 1206/1235 range. Hourly studies are improving, with 4-hour MACD bullish divergence, signaling possible attempts higher, as the price action consolidates around 50% of 1206/1231 upleg. Regain of range tops at 1231/35 is required to confirm near-term base and double bottom formation, for stronger recovery attempt, expected on a break higher. Otherwise, prolonged sideways trade would likely precede fresh push lower and attempts at pivotal 1208/06 and 1200 supports, as daily studies are bearish.
Res: 1223; 1226; 1231; 1235
Sup: 1215; 1212; 1206; 1200
SILVER
Silver remains in consolidative phase off fresh low at 17.33, with psychological 18 barrier, keeping the upside capped and narrowing range of near-term price action, approaching consolidation floor and breakpoint at 17.33. Completion of weekly bearish pennant signals resumption of multi-year descend from 49.77, 2011 peak, which is looking for further retracement and possible completion of larger 8.48/49.77, 2008/2011 ascend, in the short-term. Only break above pivotal 18.19, 28 June previous low, would sideline downside risk.
Res: 17.72; 17.86; 18.00; 18.19
Sup: 17.33; 17.00; 16.50; 16.00
CRUDE OIL
Crude Oil maintains positive near-term tone and is poised to complete 94.08/90.39 bear-leg, to signal near–term base and further recovery action ahead. Near-term price action attempts through bear-channel barrier at 93.69, the first obstacle on the way to pivotal 94.08 barrier and peak of 16 Sep. Bullish daily RSI / MACD divergence, supports the notion, however, weak daily studies warn of possible rejection under 94.08, which may signal prolonged consolidative phase and keep the downside at risk.
Res: 94.08; 95.49; 96.08; 96.36
Sup: 92.73; 92.04; 91.11; 90.39
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