GOLD
Gold consolidates above 1175 lows, where daily 10SMA supports Fibonacci 38.2% retracement of 1131/1204 upleg and formation of hourly higher base. Move lower followed failure above psychological 1200 barrier and repeated upside rejections at 1202/04, levels which mark Fibonacci 23.6% retracement of multi-month bear-phase from 1433, Aug 2013 peak, to 1131, Nov 2014 low. Ability to hold above 1175 would keep in play fresh attempts through 1200/04 hurdle, which will also confirm higher base and resume recovery towards the next target at 1207, Fibonacci 61.8% of 1255/1131 downleg. Positively aligned near-term studies are for now supporting the scenario. Alternatively, prolonged consolidation is expected precede fresh attempt at 1175, in case of failure to re-attract 1200/04 barrier and may accelerate back towards pivotal support at 1131, as below 1175, there are no significant obstacles en-route. Fibonacci 61.8% and 76.4% at 1168/60, offer initial supports.
Res: 1196; 1200; 1204; 1207
Sup: 1186; 1175; 1168; 1160
SILVER
Silver is trading in near-term directionless mode, which is confirmed by three in a row Long-legged Dojis. Price action is entrenched within narrow 15.88/16.51 range, with hourly technicals in neutral mode and 4-hour indicators turning lower, with flat momentum studies. Daily chart shows bears prevailing and conflicting 10/20SMA, which for now maintain sideways mode. However, formation of RSI/MACD bullish divergence may support fresh attempts higher, with break above range tops, required to confirm bullish resumption of corrective rally from 15.04, which, for now, holds at 16.51, just above the mid-point of 17.80/15.04 descend. Conversely, loss of range floor would trigger fresh weakness and signal an end of corrective phase, in case of violation of 15.60, 61.8% of 15.04/16.51 upleg.
Res: 16.32; 16.51; 16.66; 16.75
Sup: 16.00; 15.88; 15.60; 15.45
CRUDE OIL
Crude Oil consolidates above fresh low at 73.21, after extended third wave, on which the price is riding from 107.45 lower top, reached its Fibonacci 161.8% expansion. Overall tone remains negative and further downside is favored for now and expected on completion of consolidative phase, capped for now at 76.45, where sideways moving daily Tenkan-sen line caps. Only sustained break above psychological 80.00 barrier would sideline bears for stronger correction and delay fresh attempt towards 70.00 target, also Fibonacci 176.4% expansion.
Res: 76.45; 78.00; 79.78; 80.96
Sup: 74.19; 73.90; 70.74; 70.00
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