Commodities 05.12.2016

Commodities 05.12.2016

GOLD
Gold dipped near Friday’s low at $1160, following upside rejection at $1187 overnight, where rally was capped by falling Tenkan-sen. The price back below weekly cloud base $1174, close below which will generate strong bearish signal.
Extended wave C from $1337could travel to its FE138.2% at $1150, with further downside seen on break here.
Technicals are bearish, however, overextended conditions suggest extended consolidation, before bears resume.
Falling Tenkan-sen should cap, guarding pivots at $1197/$1200 (28 Nov lower top / psychological barrier).
Res: 1171; 1177; 1180; 1187
Sup: 1160; 1150; 1145; 1139

gold-05-12

 

US CRUDE OIL
Oil price cracked key barrier at $52.21 (former peak of 19 Oct), on today’s fresh extension of steep upleg from $44.82 trough. Close above here is needed to confirm break above short-term congestion and opn way for further gains, on strongly bullish sentiment.
The price rides on the wave C (from 44.82), which could extend to its FE 138.2% at 53.47.
Former high at $51.78 offers immediate support, ahead of session low at $51.03, which guards $50.20/00 pivots and is expected to ideally contain dips.
Res: 52.31; 53.00; 53.47; 54.00
Sup: 51.78; 51.03; 50.20; 50.00
crude-oil-05-12, Market Analysis