Gold remains in a near-term corrective mode, after posting fresh yearly high at 1795.70 last Friday. Reversal has found temporary support at 1766 so far, following break below important 1770 support zone, trendline support / previous higher base, with triangular consolidation under way, seeing more potential towards the downside, as near-term studies are negative and previous support now caps the upside, reinforced by 10 day EMA. However, any stronger bounce needs to regain minimum 1780, approx 50% of 1795/1766 downmove, to ease bear pressure, while downside remains favored in case of upside failure, with near-term target at 1755, previous range floor and 1743, Fib 161.8% expansion of 1763/1795 upleg.
Res: 1770, 1780, 1785, 1795
Sup: 1766, 1763, 1755, 1750
Silver eases further after posting fresh high at 35.36 on 01 Oct, with renewed attempt higher and failure swing at 35.08. Extension below 34.00 handle weakens the structure, as 4h chart studies dip into negative territory, with bears also signaled on 4h Ichimoku studies, where price broke below the cloud and hold below MA’s. Losses reached 33.63 low so far, with sideways consolidation under way and no clear reversal signals seen yet on hourly chart, despite indicators being deeply oversold. More focus is seen at the downside in near-term, with immediate target at 33.40, Fib 38.2% of 30.24/35.36 ascend / 26 Sep higher low / near-term range floor, below which to confirm top and open way for stronger correction towards 33.00/32.80. Bearish crossover of 20/55 day EMA’s at 34.50 is seen capping the near-term action, while break here would shift focus towards the upper range boundaries.
Res: 34.06, 34.16, 34.55, 35.08
Sup: 33.78, 33.73, 33.30, 33.00
CRUDE OIL (Nov)
Extension of near-term downtrend from 100.72, 14 Sep high, has found temporary support at 87.69, daily Ichimoku cloud base. Failure of recovery rally from here at 91.81 and subsequent fall to 88.20 that nearly fully retraced gains, keeps the downside under pressure, as structure on 1 and 4h charts remains negative. Loss of 87.69 to open another strong support at 87.00 zone, July/Aug higher platform. Any bounce higher faces a cluster of barriers , with figure resistance at 90.00 and more significant 90.50, trendline resistance / daily Tenkan-sen line / near 61.8% of 91.81/88.20 descend, break of which would provide near-term relief. However, regain of 91.81 and more important 94.00 zone breakpoint, would sideline bears in favor of stronger recovery.
Res: 90.00, 90.50, 91.00, 91.81
Sup: 88.20, 88.00, 87.69, 87.00