GOLD
Gold’s near-term price action is congested between previous low at 1208 and fresh recovery peak at 1222. Hourly studies are in neutral mode, while weak tone persists on 4-hour chart, which keeps the downside vulnerable, as overall picture remains bearish. While the price holds below 1222 high and 50% retracement of 1239/1204 downleg, risk of retest of fresh low at 1204 and attempt through psychological 1200 support and breakpoint, will remain in play. Conversely, break and close above initial barrier at 1222, would accelerate recovery, signaled by 4-hour MACD bullish divergence and open key barriers at 1231/35, 26/23 Sep peaks, above which to confirm recovery and neutralize downside risk.
Res: 1219; 1222; 1231; 1235
Sup: 1208; 1204; 1200; 1194
SILVER
Silver maintains negative tone after violation of psychological 17.00 support, posted fresh low at 16.86, just ahead of 16.80 target, 168.2% projection and subsequent consolidative action being capped at 17.43, 50% retracement of 17.98/16.87 downleg. Near-term studies are negative, with fresh weakness attempting again through 17.00 support. Fresh weakness could extend to 14.63, Feb 2010 low, as the price completed weekly bearish pennant patter, signaling further retracement of multi-year 8.48/49.77 ascend, in the near term. Only rally through pivotal 18.00/20 barriers would have more significant negative impact on current bears.
Res: 17.29; 17.43; 17.72; 17.86
Sup: 16.86; 16.64; 16.50; 16.00;
CRUDE OIL
Crude Oil posted new low at 88.17, following fresh acceleration from 94.88, lower top of 30 Sep. Overall picture remains neutral and favors further downside, after weekly failure swing was confirmed on a break below former low at 91.23, 09 Jan previous yearly low. Further retracement of larger 77.27/112.21 ascend is favored, with 85.90, higher low of 18 Apr, seen as next target. Correction of the downmove from 94.88 to 88.17, on oversold near-term studies, should be ideally capped at 91.00 zone, before fresh push lower. Only break above yesterday’s peak and lower top at 92.94, would neutralize near-term bears.
Res: 91.00; 91.53; 91.94; 94.08
Sup: 88.75; 88.17; 87.65; 85.90
Recommended Content
Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.