GOLD Spot
Gold remains under pressure, as yesterday’s dip below 1600 support, weakened near-term structure. Despite that subsequent quick recovery regained levels above 1600, price failed to sustain the break higher and slipped back below the psychological support. Negative tone prevails on hourly studies, while 4h indicators are attempting below their midlines that keeps near-term focus shifted lower. Immediate target lies at 1590, yesterday’s low and Fib 38.2% of 1561/1616 ascend, while upside stays capped for now at 1607, yesterday’s high and only clear break here would bring more positive tone into near-term picture.
Res: 1607, 1613, 1616, 1620
Sup: 1596, 1590, 1587, 1576
SILVER Spot
Silver holds neutral tone in the near-term, with the price action being limited by 20 day Bollinger bands at 29.30 on the upside and 28.50 at the downside. Hourly and 4h studies are neutral, with the price hovering around 20 day EMA and indicators around the midlines. Larger picture bearish trend prevails, as lack of momentum limited recovery attempt from fresh low at 27.93, turning it into consolidation range that is expected to precede fresh weakness, as a part of larger downmove from 35.36 high, according to daily chart studies. Penetration of 27.93 low is expected to open 27.50, while any upside attempt requires clear break above 29.50 to signal recovery.
Res: 29.00, 29.33, 29.45, 29.58
Sup: 28.68, 28.50, 28.30, 27.93
CRUDE OIL (May)
Crude oil maintains positive tone, after price surged through 94.45, previous high and psychological / previous strong support, now reverted to resistance, 95.00 barrier, with 95.63 high seen so far. Brief correction followed fresh attempt at the latter that so far stays intact, as near-term studies entered overbought zone and hourly RSI reversing lower, as initial signal of possible further consolidation. Previous resistances at 95.00 and 94.45 are offering good supports and expected to contain any stronger pullback, as 4h indicators are also extended. Overall bulls, however, remain intact, as daily indicators break above the midlines. Upside targets lie at 96.00, round figure and 96.45, Fib 76.4% of 98.63/89.35 descend.
Res: 95.63, 96.00, 96.45, 97.00
Sup: 95.00, 94.45, 94.10, 93.70
Gold remains under pressure, as yesterday’s dip below 1600 support, weakened near-term structure. Despite that subsequent quick recovery regained levels above 1600, price failed to sustain the break higher and slipped back below the psychological support. Negative tone prevails on hourly studies, while 4h indicators are attempting below their midlines that keeps near-term focus shifted lower. Immediate target lies at 1590, yesterday’s low and Fib 38.2% of 1561/1616 ascend, while upside stays capped for now at 1607, yesterday’s high and only clear break here would bring more positive tone into near-term picture.
Res: 1607, 1613, 1616, 1620
Sup: 1596, 1590, 1587, 1576
SILVER Spot
Silver holds neutral tone in the near-term, with the price action being limited by 20 day Bollinger bands at 29.30 on the upside and 28.50 at the downside. Hourly and 4h studies are neutral, with the price hovering around 20 day EMA and indicators around the midlines. Larger picture bearish trend prevails, as lack of momentum limited recovery attempt from fresh low at 27.93, turning it into consolidation range that is expected to precede fresh weakness, as a part of larger downmove from 35.36 high, according to daily chart studies. Penetration of 27.93 low is expected to open 27.50, while any upside attempt requires clear break above 29.50 to signal recovery.
Res: 29.00, 29.33, 29.45, 29.58
Sup: 28.68, 28.50, 28.30, 27.93
CRUDE OIL (May)
Crude oil maintains positive tone, after price surged through 94.45, previous high and psychological / previous strong support, now reverted to resistance, 95.00 barrier, with 95.63 high seen so far. Brief correction followed fresh attempt at the latter that so far stays intact, as near-term studies entered overbought zone and hourly RSI reversing lower, as initial signal of possible further consolidation. Previous resistances at 95.00 and 94.45 are offering good supports and expected to contain any stronger pullback, as 4h indicators are also extended. Overall bulls, however, remain intact, as daily indicators break above the midlines. Upside targets lie at 96.00, round figure and 96.45, Fib 76.4% of 98.63/89.35 descend.
Res: 95.63, 96.00, 96.45, 97.00
Sup: 95.00, 94.45, 94.10, 93.70
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