GOLD
Gold is consolidating above fresh marginally lower low at $1157, posted on Monday, with narrow consolidation holding around $1170 handle.
Yesterday’s downside rejection and subsequent bounce, confirms strong supports at $1060 zone and suggests extended consolidation before larger bears resume towards next supports at $1150/45.
Daily Tenkan-sen line in steep fall, offers solid resistance at $1177, ahead of Monday’s high at $1187. Extended upticks should be ideally capped here, to keep intact breakpoint at $1200.
Alternative scenario requires sustained break above $1200, for stronger correction.
Res: 1177; 1180; 1187; 1197
Sup: 1166; 1160; 1157; 1150

US CRUDE OIL
Oil price pulled back quickly after probe above key $52.21 barrier on Monday. Red daily candle with long upper shadow weighs on near-term structure, but price is so far holding above initial support at $51.00 zone, reinforced by hourly cloud top.
While the latter is holding, extended consolidation could be expected, before fresh attempts higher.
Caution on firm break lower that may trigger stronger pullback towards $50.00/$49.50, as Slow Stochastic is overbought on daily chart.

Res: 51.51; 52.21; 52.38; 53.00
Sup: 50.93; 50.17; 50.00; 49.49
, Market Analysis