GOLD
Gold trades in consolidative mode, with near-term price action moving within 1206/1235 range. Hourly studies are improving, with 4-hour MACD bullish divergence, signaling possible attempts higher, as the price action consolidates around 50% of 1206/1231 upleg. Regain of range tops at 1231/35 is required to confirm near-term base and double bottom formation, for stronger recovery attempt, expected on a break higher. Otherwise, prolonged sideways trade would likely precede fresh push lower and attempts at pivotal 1208/06 and 1200 supports, as daily studies are bearish.
Res: 1223; 1226; 1231; 1235
Sup: 1215; 1212; 1206; 1200
SILVER
Silver remains in consolidative phase off fresh low at 17.33, with psychological 18 barrier, keeping the upside capped and narrowing range of near-term price action, approaching consolidation floor and breakpoint at 17.33. Completion of weekly bearish pennant signals resumption of multi-year descend from 49.77, 2011 peak, which is looking for further retracement and possible completion of larger 8.48/49.77, 2008/2011 ascend, in the short-term. Only break above pivotal 18.19, 28 June previous low, would sideline downside risk.
Res: 17.72; 17.86; 18.00; 18.19
Sup: 17.33; 17.00; 16.50; 16.00
CRUDE OIL
Crude Oil maintains positive near-term tone and is poised to complete 94.08/90.39 bear-leg, to signal near–term base and further recovery action ahead. Near-term price action attempts through bear-channel barrier at 93.69, the first obstacle on the way to pivotal 94.08 barrier and peak of 16 Sep. Bullish daily RSI / MACD divergence, supports the notion, however, weak daily studies warn of possible rejection under 94.08, which may signal prolonged consolidative phase and keep the downside at risk.
Res: 94.08; 95.49; 96.08; 96.36
Sup: 92.73; 92.04; 91.11; 90.39
Gold trades in consolidative mode, with near-term price action moving within 1206/1235 range. Hourly studies are improving, with 4-hour MACD bullish divergence, signaling possible attempts higher, as the price action consolidates around 50% of 1206/1231 upleg. Regain of range tops at 1231/35 is required to confirm near-term base and double bottom formation, for stronger recovery attempt, expected on a break higher. Otherwise, prolonged sideways trade would likely precede fresh push lower and attempts at pivotal 1208/06 and 1200 supports, as daily studies are bearish.
Res: 1223; 1226; 1231; 1235
Sup: 1215; 1212; 1206; 1200
SILVER
Silver remains in consolidative phase off fresh low at 17.33, with psychological 18 barrier, keeping the upside capped and narrowing range of near-term price action, approaching consolidation floor and breakpoint at 17.33. Completion of weekly bearish pennant signals resumption of multi-year descend from 49.77, 2011 peak, which is looking for further retracement and possible completion of larger 8.48/49.77, 2008/2011 ascend, in the short-term. Only break above pivotal 18.19, 28 June previous low, would sideline downside risk.
Res: 17.72; 17.86; 18.00; 18.19
Sup: 17.33; 17.00; 16.50; 16.00
CRUDE OIL
Crude Oil maintains positive near-term tone and is poised to complete 94.08/90.39 bear-leg, to signal near–term base and further recovery action ahead. Near-term price action attempts through bear-channel barrier at 93.69, the first obstacle on the way to pivotal 94.08 barrier and peak of 16 Sep. Bullish daily RSI / MACD divergence, supports the notion, however, weak daily studies warn of possible rejection under 94.08, which may signal prolonged consolidative phase and keep the downside at risk.
Res: 94.08; 95.49; 96.08; 96.36
Sup: 92.73; 92.04; 91.11; 90.39
Recommended Content
Editors’ Picks
The Fed leaves rates unchanged, as expected. Focus now shifts to Powell’s press conference – LIVE
As largely anticipated by market participants, and in an unanimous vote, the US Federal Reserve maintained its policy rates unchanged at its event on Wednesday. The Fed announced a reduction in the balance sheet runoff pace and highlighted lack of progress in inflation.
EUR/USD climbs to daily highs on steady FOMC
The selling bias in the Greenback remained unchanged after the Federal Reserve left its interest rates unchanged on Wednesday, sending EUR/USD to daily highs near the 1.0700 barrier.
GBP/USD regains its smile after the Fed leaves rates unchanged
The resumption of the upward pressure lifts GBP/USD back above 1.2500 the figure, partially trimming Tuesday’s strong retracement and bouncing off earlier lows near 1.2470.
Gold accelerates its gains on unchanged rates by the Fed
The precious metal maintains its constructive stance near the $2,300 region on Wednesday after the Federal Reserve left its FFTR intact, matching market expectations.
A new stage of Bitcoin's decline
Bitcoin's closing price on Tuesday became the lowest since late February, confirming the downward trend and falling under March and April support and the psychologically important round level.