GOLD
Gold has eventually taken out psychological 1300 support, on extension of bearish acceleration from fresh high at 1344. Daily close below 1300 handle, confirms near-term bearish outlook and opens way for further retracement of 1240/1344 upleg, as the price already reached the next target at 1292, 50% retracement / daily 55 SMA. Corrective actions on oversold near-term studies are seen preceding fresh attempts lower, with break below 1292 to open 1286, 200SMA / daily Ichimoku cloud top and 1280, Fibonacci 61.8% retracement. Previous support at 1313, also lower top of 15 July and Fibonacci 38.2% of 1344/1292 descend, is expected to ideally cap rallies.
Res: 1304; 1313; 1318; 1324
Sup: 1292; 1286; 1280; 1265
SILVER
Silver has fully erased one-week rally from 20.80 higher base on acceleration from new high at 21.56, posted on 10 July. Weakened near-term technicals are supportive for further weakness, as the eventual probes below 20.80 and posts lower lows. Close below here to signal more significant correction of 18.62/21.56 upleg. Extension lower to focus initial support at 20.43, Fibonacci 38.2% retracement and 20/200 SMA golden cross at 20.32, ahead of 20.09, near psychological 20 support, also 50% retracement, reinforced by 100 SMA. Stronger pullback should ideally find support above here, to keep larger bullish structure intact after corrective phase, triggered by overbought dailies. Near-term corrective attempts should face strong barrier at 21.05 lower top, also mid-point of 21.56/20.82 descend and 10/55; 20/55SMA’s bearish crossover.
Res: 21.05; 21.18; 21.35; 21.56
Sup: 20.56; 20.43; 20.32; 20.09
CRUDE OIL
Crude Oil remains under pressure and maintains overall bearish tone, after penetration of psychological 100 support accelerated and probed below 99.75, 200SMA and tested 99.00, round figure support, where the price found footstep, just ahead of key support and near-term target at 98.73. Full retracement of larger 98.73/107.45 rally is seen as favored scenario, with extension lower to resume larger downtrend off 107.45 peak and expose 97.43, Fibonacci 61.8% retracement of 91.23/107.45 ascend. Corrective action on oversold near-term conditions is expected to precede fresh leg lower, with lower top at 103 zone, expected to cap.
Res: 101.50; 102.00; 102.76; 103.00
Sup: 99.00; 98.73; 98.00; 97.43
Gold has eventually taken out psychological 1300 support, on extension of bearish acceleration from fresh high at 1344. Daily close below 1300 handle, confirms near-term bearish outlook and opens way for further retracement of 1240/1344 upleg, as the price already reached the next target at 1292, 50% retracement / daily 55 SMA. Corrective actions on oversold near-term studies are seen preceding fresh attempts lower, with break below 1292 to open 1286, 200SMA / daily Ichimoku cloud top and 1280, Fibonacci 61.8% retracement. Previous support at 1313, also lower top of 15 July and Fibonacci 38.2% of 1344/1292 descend, is expected to ideally cap rallies.
Res: 1304; 1313; 1318; 1324
Sup: 1292; 1286; 1280; 1265
SILVER
Silver has fully erased one-week rally from 20.80 higher base on acceleration from new high at 21.56, posted on 10 July. Weakened near-term technicals are supportive for further weakness, as the eventual probes below 20.80 and posts lower lows. Close below here to signal more significant correction of 18.62/21.56 upleg. Extension lower to focus initial support at 20.43, Fibonacci 38.2% retracement and 20/200 SMA golden cross at 20.32, ahead of 20.09, near psychological 20 support, also 50% retracement, reinforced by 100 SMA. Stronger pullback should ideally find support above here, to keep larger bullish structure intact after corrective phase, triggered by overbought dailies. Near-term corrective attempts should face strong barrier at 21.05 lower top, also mid-point of 21.56/20.82 descend and 10/55; 20/55SMA’s bearish crossover.
Res: 21.05; 21.18; 21.35; 21.56
Sup: 20.56; 20.43; 20.32; 20.09
CRUDE OIL
Crude Oil remains under pressure and maintains overall bearish tone, after penetration of psychological 100 support accelerated and probed below 99.75, 200SMA and tested 99.00, round figure support, where the price found footstep, just ahead of key support and near-term target at 98.73. Full retracement of larger 98.73/107.45 rally is seen as favored scenario, with extension lower to resume larger downtrend off 107.45 peak and expose 97.43, Fibonacci 61.8% retracement of 91.23/107.45 ascend. Corrective action on oversold near-term conditions is expected to precede fresh leg lower, with lower top at 103 zone, expected to cap.
Res: 101.50; 102.00; 102.76; 103.00
Sup: 99.00; 98.73; 98.00; 97.43
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