Gold holds steady above initial support at 1685, after posting fresh marginally higher high at 1698.90, just ticks below 1700 barrier. However, weakening hourly studies and overbought conditions on 4h and daily charts, may signal a pause in recent strong rally and put 1700 target on hold, in favor of stronger corrective action. Initial support at 1685, also Fib 23.6% of 1646.10/1698.90 and hourly 55 day EMA, holds the downside for now, with break lower to open the next important level at 1676, previous high / Fib 38.2%. Alternatively, lift above 1700 barrier, to signal resumption of broader uptrend and focus nest targets at 1716 and 1725.
Res: 1700, 1711, 1716, 1725
Sup: 1685, 1676, 1670, 1660
Silver price slid to initial support zone at 31.90, after reaching new high at 32.40 yesterday. Despite reversal signals generated on lower timeframes and daily studies being at their extremes, no significant action has been seen so far. Loss of 31.90, reinforced by 55 day EMA, would be a trigger for acceleration of losses, with Fib 38.2% at 31.57 seen ahead of important 31.24, previous peak and near 50% retracement, that will sideline near-term bulls. Holding above 31.90/32.00, still keeps the upside in focus and sees potential for fresh attack at 32.40, above which to open 32.55, 12 Apr high.
Res: 32.29, 32.40, 32.55, 33.00
Sup: 31.91, 31.70, 31.57, 31.24
CRUDE OIL (Oct)
Near-term structure weakened, as the price lost ground, accelerating losses off 97.35 high, after losing 96.00 handle. Fresh weakness below 95.00, following brief corrective bounce, keeps the downside in focus and signals possible lower top at 97.35, with confirmation required on a downside extension to key support at 94.00. Overextended hourly conditions, however, suggest some corrective action, with initial barrier standing at 95.66, today’s high, while only lift above 96.00 would ease bear-pressure.
Res: 95.46, 95.70, 96.00, 96.34
Sup: 94.70, 94.50, 94.00, 93.94