Gold retests psychological 1700 support, after brief corrective action was capped at 1717, just ahead of 1720 barrier, Fib 38.2% of 1795/1698 descend. Hourly failure swing indicates further weakness, with break below 1700, required to confirm and open 1693, 50% of 1590/1795 and cluster of supports at 1670/60 zone, Fib 61.8% / 90 day MA and 200 day MA. Conversely, lift above initial barrier at 1720, would avert immediate downside risk, while clearance of 1730 breakpoint, would signal basing attempt.
Res: 1714, 1717, 1720, 1729
Sup: 1700, 1698, 1693, 1668
Near-term price action gets congested between 31.50 and 32.20 range, as corrective bounce as rejected ahead of initial resistance at 32.45, 23 Oct high / Fib 23.6% of 35.36/31.50 descend. Sharp slide from yesterday’s peak at 32.23 and loss of 32.00 handle, turned near-term focus lower, as hourly studies slide below the midlines. Immediate risk is seen on attack at 31.50, near-term base, break of which to resume downtrend from 35.36 and expose 30.96, 200 day MA and 30.75, daily Ichimoku cloud base. Any bounce higher requires break above pivotal 32.50 zone to ease immediate bear-pressure.
Res: 31.95, 32.00, 32.23, 32.45
Sup: 31.50, 31.24, 31.00, 30.75
CRUDE OIL (Dec)
Near-term bears remain fully in play, following loss of 87.70/00 supports and previous range floor, as losses accelerated to 85.00 zone. Brief recovery attempt failed at 86.70, with fresh losses fully retracing corrective rally and shifting focus lower. Break below 85.00 is seen as trigger for fresh leg lower towards 83.64, July low, with 80.50, projected length of wave ‘c’, a part of larger downmove from 100.72, at 80.50, expected to come in focus on a break below 83.64. Negative tone that dominates on lower timeframes studies, keeps the downside favored, however, overextended conditions on 4h chart, do not rule out further hesitation above 85.00. On the upside, regain of 87.70 is required to shift focus higher and signal near-term base.
Res: 86.26, 86.72, 87.00, 87.45
Sup: 85.00, 84.61, 83.64, 82.80