GOLD
Gold maintains overall positive tone and trades within 1306/1333 consolidative range range, with near-term price action moving in the upper part of the range. Probes above previous peak at 1324, confirm near-term bullish stance off 1313 higher low and shift focus towards 1330/33 targets. Bullish hourly and improving 4-hour studies support the notion, with break and close above 1324 to trigger fresh attempt for eventual break above range top at 1333, which is required to resume larger bulls off 1240 base. Mid-point of 1313/1327 ascend at 1320, reinforced by hourly 55SMA, should be ideally containing corrective dips, ahead of Fibonacci 61.8% at 1318 and higher lows at 1316 zone, loss of which to bring bears back in near-term play and turn risk towards range’s lower boundaries.
Res: 1327; 1333; 1342; 1350
Sup: 1320; 1316; 1311; 1309
SILVER
Spot Silver trades in consolidative, sideways mode, off fresh high at 21.27, with the price holding within narrowed 20.81/21.18 range. Hourly studies remain positively aligned, while 4-hour tone is neutral that keeps the price underpinned by hourly 55 SMA at 20.94, ahead of the first pivotal support at 20.81, below which to increase downside risk. However, break of either side of the range is required to define fresh direction, with positive larger picture studies and daily golden 20/200SMA cross, supporting the notion. On the other side, overbought daily studies require caution and could spark more significant pullback in case of repeated upside failures and violation of range’s floor levels.
Res: 21.18; 21.27; 21.77; 22.00
Sup: 20.81; 20.76; 20.69; 20.27
CRUDE OIL
Crude Oil remains under pressure and continues to trend lower on extended pullback off 107.45, 25 June high, with downside acceleration seen on a break below near-term consolidation floor at 105.20. Bearish near-term technicals favor further downside, after loss of double Fibonacci 103 support, accelerated losses. Bears are looking for full retracement of 101.59/107.45 upleg, on extension to the next target and pivotal support at 101.59, 05 June higher low. Bearish action could be interrupted by corrective rallies, with 103.50 offering initial resistance and extended attempts higher to be limited under 104.50, previous peaks zone.
Res: 103.00; 103.50; 104.00; 104.50
Sup: 102.29; 101.59; 101.00; 100.00
Gold maintains overall positive tone and trades within 1306/1333 consolidative range range, with near-term price action moving in the upper part of the range. Probes above previous peak at 1324, confirm near-term bullish stance off 1313 higher low and shift focus towards 1330/33 targets. Bullish hourly and improving 4-hour studies support the notion, with break and close above 1324 to trigger fresh attempt for eventual break above range top at 1333, which is required to resume larger bulls off 1240 base. Mid-point of 1313/1327 ascend at 1320, reinforced by hourly 55SMA, should be ideally containing corrective dips, ahead of Fibonacci 61.8% at 1318 and higher lows at 1316 zone, loss of which to bring bears back in near-term play and turn risk towards range’s lower boundaries.
Res: 1327; 1333; 1342; 1350
Sup: 1320; 1316; 1311; 1309
SILVER
Spot Silver trades in consolidative, sideways mode, off fresh high at 21.27, with the price holding within narrowed 20.81/21.18 range. Hourly studies remain positively aligned, while 4-hour tone is neutral that keeps the price underpinned by hourly 55 SMA at 20.94, ahead of the first pivotal support at 20.81, below which to increase downside risk. However, break of either side of the range is required to define fresh direction, with positive larger picture studies and daily golden 20/200SMA cross, supporting the notion. On the other side, overbought daily studies require caution and could spark more significant pullback in case of repeated upside failures and violation of range’s floor levels.
Res: 21.18; 21.27; 21.77; 22.00
Sup: 20.81; 20.76; 20.69; 20.27
CRUDE OIL
Crude Oil remains under pressure and continues to trend lower on extended pullback off 107.45, 25 June high, with downside acceleration seen on a break below near-term consolidation floor at 105.20. Bearish near-term technicals favor further downside, after loss of double Fibonacci 103 support, accelerated losses. Bears are looking for full retracement of 101.59/107.45 upleg, on extension to the next target and pivotal support at 101.59, 05 June higher low. Bearish action could be interrupted by corrective rallies, with 103.50 offering initial resistance and extended attempts higher to be limited under 104.50, previous peaks zone.
Res: 103.00; 103.50; 104.00; 104.50
Sup: 102.29; 101.59; 101.00; 100.00
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