GOLD
Gold is attempting to end near-term consolidation phase around 1300 handle and 61.8% retracement of the rally from 1287, which stalled at 1312. Fresh push lower follows post data 1291/1303 oscillation, after which the price returned to 1300 zone. Near-term outlook remains negatively aligned, with increased downside risk to be expected in case of sustained break and close below 1300 area. Also, larger picture’s studies are soft that sees additional pressure on the near-term price action. Bearish resumption requires slide below spike low / main bull-trendline at 1291, for renewed attack at recent low / 200SMA at 1286, to confirm lower top and trigger further weakness. Alternative scenario requires lift above 1300 support, which would keep alive fresh attempts at 1312 and 1315/18 barriers.
Res: 1303; 1309; 1312; 1315
Sup: 1286; 1280; 1272; 1266
SILVER
Silver holds neutral near-term tone and continues to trade within 20.45/80 range, after recovery attempt off fresh low at 20.29 lost traction at Fibonacci 38.2% retracement of 21.56/20.29 descend, en-route to psychological 21.00 barrier. Hourly technicals are in neutral mode, with near-term indecision being confirmed by yesterday’s Doji, while weak 4-hour studies see the upside attempts limited, with the downside being vulnerable. Loss of initial 20.45 support to open more significant 20.29, near-term bottom, reinforced by 200SMA, below which further retracement of 18.62/21.56 upleg should be expected. Midpoint zone and 100SMA lies near psychological 20.00 support and next target. Conversely, sustained break above 21 barrier to shift focus higher for resumption of near-term recovery attempt from 20.29 low.
Res: 20.70; 20.80; 20.89; 21.10
Sup: 20.45; 20.29; 20.00; 19.74
CRUDE OIL
Crude Oil corrects 103.31/100.36 downleg , with near-term price action probing above 101.50, descent’s Fibonacci 38.2% retracement. Improved hourly studies support further recovery, with minimum requirement seen on a daily close above 101.50. This would keep freshly established near-term bulls afloat, as studies of larger timeframes are still weak and maintain downside risk, which is expected to increase in case of lower top formation. Sustained break above 101.50 and clearance of previous tops / 61.8% retracement, above 102 barrier, would neutralize bears and open key 103.00/30 resistance zone.
Res: 101.80; 102.10; 102.51; 102.66
Sup: 101.00; 100.84; 100.36; 100.00
Gold is attempting to end near-term consolidation phase around 1300 handle and 61.8% retracement of the rally from 1287, which stalled at 1312. Fresh push lower follows post data 1291/1303 oscillation, after which the price returned to 1300 zone. Near-term outlook remains negatively aligned, with increased downside risk to be expected in case of sustained break and close below 1300 area. Also, larger picture’s studies are soft that sees additional pressure on the near-term price action. Bearish resumption requires slide below spike low / main bull-trendline at 1291, for renewed attack at recent low / 200SMA at 1286, to confirm lower top and trigger further weakness. Alternative scenario requires lift above 1300 support, which would keep alive fresh attempts at 1312 and 1315/18 barriers.
Res: 1303; 1309; 1312; 1315
Sup: 1286; 1280; 1272; 1266
SILVER
Silver holds neutral near-term tone and continues to trade within 20.45/80 range, after recovery attempt off fresh low at 20.29 lost traction at Fibonacci 38.2% retracement of 21.56/20.29 descend, en-route to psychological 21.00 barrier. Hourly technicals are in neutral mode, with near-term indecision being confirmed by yesterday’s Doji, while weak 4-hour studies see the upside attempts limited, with the downside being vulnerable. Loss of initial 20.45 support to open more significant 20.29, near-term bottom, reinforced by 200SMA, below which further retracement of 18.62/21.56 upleg should be expected. Midpoint zone and 100SMA lies near psychological 20.00 support and next target. Conversely, sustained break above 21 barrier to shift focus higher for resumption of near-term recovery attempt from 20.29 low.
Res: 20.70; 20.80; 20.89; 21.10
Sup: 20.45; 20.29; 20.00; 19.74
CRUDE OIL
Crude Oil corrects 103.31/100.36 downleg , with near-term price action probing above 101.50, descent’s Fibonacci 38.2% retracement. Improved hourly studies support further recovery, with minimum requirement seen on a daily close above 101.50. This would keep freshly established near-term bulls afloat, as studies of larger timeframes are still weak and maintain downside risk, which is expected to increase in case of lower top formation. Sustained break above 101.50 and clearance of previous tops / 61.8% retracement, above 102 barrier, would neutralize bears and open key 103.00/30 resistance zone.
Res: 101.80; 102.10; 102.51; 102.66
Sup: 101.00; 100.84; 100.36; 100.00
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