GOLD
Gold stabilizes above previous high at 1333, now reverted to initial support, following fresh acceleration which peaked at 1344. Break above Fibonacci 61.8% retracement of 1392/1240 descend, sees scope for eventual push towards key 1392 peak. Interim barriers lay at 1356 zone, previous peaks, posted in March and Fibonacci 76.4% retracement. Corrective action is under way and so far being contained at initial 1333 support, with further easing required to hold above 1324, previous highs and Fibonacci 61.8% retracement of 1311/1344 upleg, to keep bulls in play for fresh attempt higher.
Res: 1339; 1344; 1350; 1356
Sup: 1320; 1316; 1311; 1309
SILVER
Silver eventually broke above two-week congestion top at 21.27, also near Fibonacci 76.4% retracement of larger 22.15/18.59 descend and extended fresh rally to 21.56 so far.
Overall bullish tone favors final push through interim barriers at 21.77, 14 Mar lower top and psychological 22.00 level, towards key resistance at 22.15, 24 Feb peak. However, oversold daily studies require caution, as corrective pullback cannot be ruled out in the near-term. Initial supports lay at 21.27/00, ahead of former range floor at 20.75, where corrective actions should ideally find support. Otherwise, extended pullback would attempt towards 20.43, Fibonacci 38.2% of 18.62/21.56 ascend and 20.00 zone, also mid-point of the rally, violation of which to neutralize bulls.
Res: 21.18; 21.27; 21.77; 22.00
Sup: 21.30; 21.00; 20.75; 20.43
CRUDE OIL
Crude Oil’s near-term structure is coming under pressure after recovery attempt off 101.53, fresh low, stalled at psychological 103 barrier, just above 50% retracement of 104.16/101.53 downleg. Subsequent fall so far erased the biggest part of near-term recovery rally and minimized chances for basing attempts at strong 101.50 zone support, reinforced by bull trendline, drawn off 96.99 low and near daily Ichimoku cloud base, loss of which to resume broader downtrend from 107.45 peak and expose 100.79, Fibonacci 76.4% and psychological 100 support in extension. Overall bearish structure supports the notion and only breaks above 102.98, yesterday’s recovery high, to ease immediate bear pressure.
Res: 102.76; 103.00; 103.50; 104.00
Sup: 101.79; 101.53; 101.00; 100.00
Gold stabilizes above previous high at 1333, now reverted to initial support, following fresh acceleration which peaked at 1344. Break above Fibonacci 61.8% retracement of 1392/1240 descend, sees scope for eventual push towards key 1392 peak. Interim barriers lay at 1356 zone, previous peaks, posted in March and Fibonacci 76.4% retracement. Corrective action is under way and so far being contained at initial 1333 support, with further easing required to hold above 1324, previous highs and Fibonacci 61.8% retracement of 1311/1344 upleg, to keep bulls in play for fresh attempt higher.
Res: 1339; 1344; 1350; 1356
Sup: 1320; 1316; 1311; 1309
SILVER
Silver eventually broke above two-week congestion top at 21.27, also near Fibonacci 76.4% retracement of larger 22.15/18.59 descend and extended fresh rally to 21.56 so far.
Overall bullish tone favors final push through interim barriers at 21.77, 14 Mar lower top and psychological 22.00 level, towards key resistance at 22.15, 24 Feb peak. However, oversold daily studies require caution, as corrective pullback cannot be ruled out in the near-term. Initial supports lay at 21.27/00, ahead of former range floor at 20.75, where corrective actions should ideally find support. Otherwise, extended pullback would attempt towards 20.43, Fibonacci 38.2% of 18.62/21.56 ascend and 20.00 zone, also mid-point of the rally, violation of which to neutralize bulls.
Res: 21.18; 21.27; 21.77; 22.00
Sup: 21.30; 21.00; 20.75; 20.43
CRUDE OIL
Crude Oil’s near-term structure is coming under pressure after recovery attempt off 101.53, fresh low, stalled at psychological 103 barrier, just above 50% retracement of 104.16/101.53 downleg. Subsequent fall so far erased the biggest part of near-term recovery rally and minimized chances for basing attempts at strong 101.50 zone support, reinforced by bull trendline, drawn off 96.99 low and near daily Ichimoku cloud base, loss of which to resume broader downtrend from 107.45 peak and expose 100.79, Fibonacci 76.4% and psychological 100 support in extension. Overall bearish structure supports the notion and only breaks above 102.98, yesterday’s recovery high, to ease immediate bear pressure.
Res: 102.76; 103.00; 103.50; 104.00
Sup: 101.79; 101.53; 101.00; 100.00
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