Gold bounces higher after reversal from 1741.70 peak, found support at 1724.30. Fresh rally is making renewed attempt at strong 1740 zone barrier, where channel resistance and 200% Fib expansion of 1628.90/1590.00 wave lies. This may prove being tough barrier, as hourly studies remain weak, while daily overbought readings see risk of stronger correction. Loss of initial support at 1724.30 is required to confirm and expose 1710/1700 next. Conversely, sustained break above 1740 zone, would signal fresh extension of broader uptrend and expose 1762.90.
Res: 1739, 1741, 1750, 1762
Sup: 1730, 1724, 1715, 1700
Near-term price action moves higher, off yesterday’s low at 33.23, where corrective easing from 33.94, last Friday’s fresh high, has been contained. As the price breaks above hourly 20 day EMA, more focus is seen at the upside, however, failure to clear 34.00 barrier, still sees the downside risk, as hourly structure is weak and extremely extended daily indicators, signal potential stronger corrective action. Slide below 33.20 support, where 55 day EMA and Fib 38.2% of 31.95/33.94, reinforce support, would be a signal for further easing towards 33.00/32.70, figure / Fib 61.8%. On the other side, potential break above 34.00, will open 34.35, 12 Mar high, next.
Res: 33.82, 33.94, 34.45, 35.00
Sup: 33.49, 33.20, 33.00, 32.70
CRUDE OIL (Oct)
Oil price continues to range-trade, with range floor at 94.00 zone and upper boundary at 97.70. As most of upside attempts through 200 day MA, currently at 96.62, proved to be a false break, most of the price action has been seen below here. Today’s fresh attempt higher, reclaimed 97.00, with close above 200 day MA and clearance of 97.70 barrier, required to establish fresh direction and possibly re-focus key barriers at 98.00/27. Hourly and 4h chart studies moved into positive territory and remain supportive in the near-term, however, failure under 97.70 would signal further sideways movements.
Res: 97.35, 97.64, 97.70, 98.00
Sup: 96.70, 96.06, 95.88, 95.36
Technical Summary for Commodities