GOLD
Gold’s near-term price action is congested between previous low at 1208 and fresh recovery peak at 1222. Hourly studies are in neutral mode, while weak tone persists on 4-hour chart, which keeps the downside vulnerable, as overall picture remains bearish. While the price holds below 1222 high and 50% retracement of 1239/1204 downleg, risk of retest of fresh low at 1204 and attempt through psychological 1200 support and breakpoint, will remain in play. Conversely, break and close above initial barrier at 1222, would accelerate recovery, signaled by 4-hour MACD bullish divergence and open key barriers at 1231/35, 26/23 Sep peaks, above which to confirm recovery and neutralize downside risk.
Res: 1219; 1222; 1231; 1235
Sup: 1208; 1204; 1200; 1194
SILVER
Silver maintains negative tone after violation of psychological 17.00 support, posted fresh low at 16.86, just ahead of 16.80 target, 168.2% projection and subsequent consolidative action being capped at 17.43, 50% retracement of 17.98/16.87 downleg. Near-term studies are negative, with fresh weakness attempting again through 17.00 support. Fresh weakness could extend to 14.63, Feb 2010 low, as the price completed weekly bearish pennant patter, signaling further retracement of multi-year 8.48/49.77 ascend, in the near term. Only rally through pivotal 18.00/20 barriers would have more significant negative impact on current bears.
Res: 17.29; 17.43; 17.72; 17.86
Sup: 16.86; 16.64; 16.50; 16.00;
CRUDE OIL
Crude Oil posted new low at 88.17, following fresh acceleration from 94.88, lower top of 30 Sep. Overall picture remains neutral and favors further downside, after weekly failure swing was confirmed on a break below former low at 91.23, 09 Jan previous yearly low. Further retracement of larger 77.27/112.21 ascend is favored, with 85.90, higher low of 18 Apr, seen as next target. Correction of the downmove from 94.88 to 88.17, on oversold near-term studies, should be ideally capped at 91.00 zone, before fresh push lower. Only break above yesterday’s peak and lower top at 92.94, would neutralize near-term bears.
Res: 91.00; 91.53; 91.94; 94.08
Sup: 88.75; 88.17; 87.65; 85.90
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