GOLD

Spot Gold extends near-term recovery from one-year lows at $1122 zone and hit one-month high at $1179 today.

Recovery rally that lasts nearly two weeks shows signs of further extension, as daily 10; 20 &30 SMA’s turned into bullish setup, supported by strong bullish momentum.

Rally may extend towards next pivot at $1187 (Fibo 38.2% of $1291/$1122 downleg) initially, with psychological $1200 zone expected to come in sight on fresh acceleration higher.

Meantime, corrective easing tested initial support at $1171, ahead of $1166 (Fibo 38.2% of $1145/$1179 upleg), which should ideally contain dips.

Strong near-term support lies at $1158 (Fibo 61.8% / daily Kijun-sen) and sustained break lower would sideline bulls for deeper correction towards $1153 (daily Tenkan-sen) and $1145 breakpoint (03 Jan trough).

Res: 1179; 1187; 1194; 1197

Sup: 1170; 1166; 1158; 1153

US CRUDE OIL

Oil price is consolidating above $53.00 handle after yesterday’s bounce retraced 38.2% of Tuesday’s sharp fall from levels above $55.00 that bottomed at $52.10.

Bounce from $52.10 (hourly double-bottom) is struggling at $53.29 (Fibo 38.2% of $55.22/$52.10 fall), with near-term price action holding in narrow range and hourly studies in neutral mode.

Tuesday’s fall dented larger bulls and risk of return to $52.10 base is expected to remain in play while the price is capped under broken daily Tenkan-sen at $53.64.

Fresh weakness and retest of $52.10 pivot would an initial signal of correction of $42.19/$55.22 upleg, with sustained break lower, to re-expose psychological $50.00 support (also daily Kijun-sen).

Otherwise, firm break above Tenkan-sen pivot would neutralize downside risk and shift near-term focus higher.

Res: 53.29; 53.64; 54.03; 54.48
Sup: 53.00; 52.62; 52.10; 51.49

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