GOLD
Gold comes under pressure again, after consolidative action off fresh low at 1247, signaled by yesterday’s Doji, was capped by hourly 55SMA at 1257. Fresh weakness that cracked yesterday’s low, weakened hourly structure, with bearish larger timeframes studies, opening way for final push towards strong short-term support at 1240, 03/05 June lows and higher base. Completion of 1240/1344 corrective phase is expected to focus key short-term support at 1182, 31 Dec 2013 low. Consolidation ceiling, also Fibonacci 38.2% of 1277/1246 descend, offers strong resistance and is expected to keep the upside limited.
Res: 1253; 1257; 1265; 1273
Sup: 1246; 1240; 1231; 1215
SILVER
Silver remains bearish overall and is on the way to fully retrace larger 18.62/21.56 ascend, as recent weakness broke below psychological 19.00 support, the last obstacle en-route to 18.62, 02 June low. Near-term price action trades in consolidative range of 18.86/19.12, with hourly studies in neutral mode. However, bearish 4-hour structure sees the action limited and preceding fresh weakness. Only break above 19.12, also Fibonacci 61.8% of 19.31/18.56 downleg, would sideline immediate downside risk and signal near-term basing attempt, confirmation of which requires regain of 19.30/35 lower tops.
Res: 19.10; 19.30; 19.35; 19.50
Sup: 18.93; 18.86; 18.69; 18.62
CRUDE OIL
Crude Oil accelerates lower and looks for retest of 91.79 low, after corrective rally from the latter stalled at 93.92. Overall negative tone favors further extension lower and test of 91.23, 09 Jan low, return to which to complete larger 91.23/107.45 ascend. Further expansion of the third wave, which started from 103.37, will be looking for 91.06, its 138.2% Fibonacci expansion and 88.96, 161.8%, seen in extension. Initial resistance lies at 93.00, while only break above 93.92 peak would sideline near-term bears.
Res: 93.00; 93.92; 94.97; 95.81
Sup: 91.79; 91.23; 91.00; 88.90
Gold comes under pressure again, after consolidative action off fresh low at 1247, signaled by yesterday’s Doji, was capped by hourly 55SMA at 1257. Fresh weakness that cracked yesterday’s low, weakened hourly structure, with bearish larger timeframes studies, opening way for final push towards strong short-term support at 1240, 03/05 June lows and higher base. Completion of 1240/1344 corrective phase is expected to focus key short-term support at 1182, 31 Dec 2013 low. Consolidation ceiling, also Fibonacci 38.2% of 1277/1246 descend, offers strong resistance and is expected to keep the upside limited.
Res: 1253; 1257; 1265; 1273
Sup: 1246; 1240; 1231; 1215
SILVER
Silver remains bearish overall and is on the way to fully retrace larger 18.62/21.56 ascend, as recent weakness broke below psychological 19.00 support, the last obstacle en-route to 18.62, 02 June low. Near-term price action trades in consolidative range of 18.86/19.12, with hourly studies in neutral mode. However, bearish 4-hour structure sees the action limited and preceding fresh weakness. Only break above 19.12, also Fibonacci 61.8% of 19.31/18.56 downleg, would sideline immediate downside risk and signal near-term basing attempt, confirmation of which requires regain of 19.30/35 lower tops.
Res: 19.10; 19.30; 19.35; 19.50
Sup: 18.93; 18.86; 18.69; 18.62
CRUDE OIL
Crude Oil accelerates lower and looks for retest of 91.79 low, after corrective rally from the latter stalled at 93.92. Overall negative tone favors further extension lower and test of 91.23, 09 Jan low, return to which to complete larger 91.23/107.45 ascend. Further expansion of the third wave, which started from 103.37, will be looking for 91.06, its 138.2% Fibonacci expansion and 88.96, 161.8%, seen in extension. Initial resistance lies at 93.00, while only break above 93.92 peak would sideline near-term bears.
Res: 93.00; 93.92; 94.97; 95.81
Sup: 91.79; 91.23; 91.00; 88.90
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