GOLD

Fresh dollar’s weakness boosted gold price above psychological $1200 barrier, level last traded on 23 Nov.
Daily studies are turning in strong bullish mode and support further upside.
The price eyes immediate barrier at $1207 (mid-point of $1291/$1122 fall) and could extend towards next strong resistance at $1219 (Fibo 38.2% of larger $1375/$1122 descend / falling daily cloud base) which is expected to cap recovery.
The notion is supported by wave theory, as the price is currently riding on the fourth (corrective) wave of five-wave descend from $1375, which should ideally end at $1320.
In addition, daily RSI is approaching overbought zone and would signal reversal.
Broken $1200 level now acts as initial support, followed by session low at $1190 and rising 5SMA that tracks ascend (currently at $1187)

Res: 1207; 1214; 1219; 1227
Sup: 1200; 1190; 1187; 1184

US CRUDE OIL

Oil price is consolidating near $52.76, high of yesterday’s rally. Bounce from $50.70, where three-day fall found support, retraced over 50% of $54.30/$50.70 descend, but stays capped by sideways-moving daily 20SMA for now.

Daily indicators are bearishly aligned and maintain risk of upside rejection that would trigger fresh acceleration lower for possible retest of strong $50.70 support.

To sideline downside risk, sustained break above $52.76 (20 SMA) and $52.96 (daily Tenkan-sen/Fibo 61.8% of $54.30/$50.70 downleg) is needed.

Res: 52.59; 52.77; 52.96; 53.45
Sup: 52.10; 51.99; 51.51; 51.22

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