Near-term outlook turned positive, as bounce from 1736, where price bottomed, following loss of 1750 base, cleared important barrier at 1765, previous high, and trendline resistance. Return to the levels close to the upside boundary of two-week range, increases possibilities of fresh strength and possible attack at key resistance zone at 1790/1800, Feb 2012 / Nov 2011 peaks. Break here also to signal an end of one-year cycle and possibly to open way towards gold’s record highs, as Fibonacci 161.8% expansion of 1790/1526 descend lies just above 1920, historical high. With hourly studies in overbought zone, consolidation ahead of 1787/90 peaks is not ruled out, however, improving tone on 4h chart, where indicators give bullish signal an a break above their centrelines, sees room for fresh extension higher. Immediate support lies at 1770 zone, where previous high / 55 day EMA and 4h cloud top are concentrated, while only loss of 1750 would signal fresh weakness.
Res: 1783, 1786, 1790, 1795
Sup: 1776, 1770, 1765, 1750
Silver returns to strength in near-term trading, as reversal from fresh high at 35.17, 21 sep fresh high, found support at 33.32, Fib 38.2% of 30.24/35.17 ascend and price bounced above the mid-levels of 33.32/35.17 range. Sideways movements are still the main characteristic in the near-term, however, improved conditions on lower timeframes studies, turns focus at the upside barriers of the range. Consolidation on approach to 35.00, psychological level, is seen on overextended hourly conditions, but overall near-term tone remains positive and sees potential for final push towards 35.17. Gains are for now seen underpinned at 34.35 zone, 55 day EMA and 4h Senkou span A, with initial support at 34.50, 25 Sep previous high and bull trendline off 33.32. Only loss of 34.00 handle would sideline near-term bulls.
Res: 34.85, 34.92, 35.03, 35.17
Sup: 34.50, 34.35, 34.18, 34.00
CRUDE OIL (Nov)
Oil price recovered some of near-term heavy losses on a slide from 100.72, 14 Sep peak that bottomed at 88.94 yesterday. Bounce from here so far regained levels above 92.00 but gains were limited by overbought hourly studies and 4h 55 day EMA at 92.69. With still weak 4h chart conditions, downside risk remains in play, however, upside extension above 93.00 and regain of 93.50/60, Fib 38.2% of 100.72/88.94 / daily cloud top and 21 Sep high, is seen required to prevent oil price from fresh losses and signal stronger recovery towards another important barrier at 94.00, previous base. Conversely, failure under 93.17, 25 Sep high, would increase risk of lower top, as a part of broader downtrend and fresh extension lower.
Res: 92.69, 93.00, 93.17, 93.55
Sup: 92.00, 91.69, 91.00, 90.81