GOLD
Gold lost traction and extended corrective phase off fresh 1255 high, below initial support at 1240, putting near-term bulls on hold. Fresh weakness nearly fully retraced 1231/1255 upleg, with break here required to and trigger extension towards next strong supports at 1227, Fibonacci 38.2% of 1182/1255 ascend / 4-hour Ichimoku cloud base and 1221/18, 10 Oct trough / 50% retracement. South-heading indicators of 4-hour chart studies are at their midlines, supporting further downside, as reversal pattern is forming on a daily chart. Daily close below former lower base at 1240, to confirm.
Res: 1240; 1245; 1259; 1255
Sup: 1231; 1227; 1221; 1218
SILVER
Silver dipped to 17.00 support, pressuring near-term range floor, after fresh bears were established on lower timeframes on upside rejection at 17.65, near-range tops. Yesterday close in long red candle, could be initial signal of an end of two-week range-trading and consolidation of larger 21.56/16.66 descend. As overall bears remain in play, full retracement of 16.66/17.80 corrective phase, is expected to signal fresh leg lower, towards the next target at 15.55, Fibonacci 138.2% projection of the downleg from 25.10. Daily 20SMA at 17.28 offers initial resistance, ahead of daily Tenkan-sen line at 17.41, which should ideally cap upside attempts. However, extended corrective rallies would face strong barrier at 17.65, yesterday’s recovery rejection peak and daily Kijun-sen line. Only break here would neutralize near-term bears.
Res: 17.28; 17.41; 17.65; 17.80
Sup: 17.03; 16.86; 16.66; 16.00
CRUDE OIL
Crude Oil trades in near-term consolidative phase, off fresh low at 79.10, posted on a probe below psychological 80.00 support, 16 Oct. Bounce from here was so far capped by descending 4-hour 55SMA and under pivotal 85.13, Fibonacci 38.2% of 94.88/79.10 descend and 86.27, lower top of 10 Oct. With near-term indicators still in the negative territory, upside attempts are seen limited for now. Bearish daily and weekly structure favors further downside, as the price rides on the third wave from 107.45, which could travel to 78.12, its 138.2% Fibonacci expansion and extend towards key longer-term support and low of June 2012 at 77.27. Alternative scenario requires lift above 86.27 barrier, to sideline near-term bears and allow for extended corrective action from 79.79.
Res: 83.12; 84.03; 85.13; 86.27
Sup: 80.03; 79.10; 78.12; 77.27
Gold lost traction and extended corrective phase off fresh 1255 high, below initial support at 1240, putting near-term bulls on hold. Fresh weakness nearly fully retraced 1231/1255 upleg, with break here required to and trigger extension towards next strong supports at 1227, Fibonacci 38.2% of 1182/1255 ascend / 4-hour Ichimoku cloud base and 1221/18, 10 Oct trough / 50% retracement. South-heading indicators of 4-hour chart studies are at their midlines, supporting further downside, as reversal pattern is forming on a daily chart. Daily close below former lower base at 1240, to confirm.
Res: 1240; 1245; 1259; 1255
Sup: 1231; 1227; 1221; 1218
SILVER
Silver dipped to 17.00 support, pressuring near-term range floor, after fresh bears were established on lower timeframes on upside rejection at 17.65, near-range tops. Yesterday close in long red candle, could be initial signal of an end of two-week range-trading and consolidation of larger 21.56/16.66 descend. As overall bears remain in play, full retracement of 16.66/17.80 corrective phase, is expected to signal fresh leg lower, towards the next target at 15.55, Fibonacci 138.2% projection of the downleg from 25.10. Daily 20SMA at 17.28 offers initial resistance, ahead of daily Tenkan-sen line at 17.41, which should ideally cap upside attempts. However, extended corrective rallies would face strong barrier at 17.65, yesterday’s recovery rejection peak and daily Kijun-sen line. Only break here would neutralize near-term bears.
Res: 17.28; 17.41; 17.65; 17.80
Sup: 17.03; 16.86; 16.66; 16.00
CRUDE OIL
Crude Oil trades in near-term consolidative phase, off fresh low at 79.10, posted on a probe below psychological 80.00 support, 16 Oct. Bounce from here was so far capped by descending 4-hour 55SMA and under pivotal 85.13, Fibonacci 38.2% of 94.88/79.10 descend and 86.27, lower top of 10 Oct. With near-term indicators still in the negative territory, upside attempts are seen limited for now. Bearish daily and weekly structure favors further downside, as the price rides on the third wave from 107.45, which could travel to 78.12, its 138.2% Fibonacci expansion and extend towards key longer-term support and low of June 2012 at 77.27. Alternative scenario requires lift above 86.27 barrier, to sideline near-term bears and allow for extended corrective action from 79.79.
Res: 83.12; 84.03; 85.13; 86.27
Sup: 80.03; 79.10; 78.12; 77.27
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