GOLD

Gold price bounced from $1151 (fresh over 10-month low), where the third wave of five-wave cycle from $1375 (11 Julytop), met its target (138.2% Fibonacci expansion).

Bounce was so far capped by falling 5SMA at 1165, keeping intact more significant falling daily Tenkan-sen line at $1169 that should ideally cap extended upticks.

Overall bearish structure keeps focus at the downside, with break of $1151, expected to open $1139 (04 Feb low) and $1124/18 Fibo 76.4% of larger $1024/$1375 ascend / FE 161.8%) in extension.

Conversely, lift above falling Tenkan-sen could delay bulls for extension towards $1180/87 barriers (lower tops of 07 / 05 Dec). Key n/t barrier lies at $1200 zone and firm break here is needed to signal reversal.

Res: 1165; 1169; 1180; 1184
Sup: 1158; 1151; 1145; 1139

US CRUDE OIL

Oil price remains firm and holding so far above yesterday’s low at $52.17, left after gap-higher open, despite quick pullback from fresh high at $54.49 that left bearish daily candle with long upper shadow.

Overall bullish structure stays intact, with daily Tenkan-sen line in steep ascend, underpinning the action (currently at $51.73).

Scope is seen for fresh attempts higher, with break above pivots at $53.05/60, to open way for retest of $54.49 and look for extension towards $55.64 (Fibo 138.2% projection).

Solid supports lay at $52.39 (05 Dec former high) and $52.17 (yesterday’s low) which should keep the downside protected for now.

Violation of the latter and daily Tenkan-sen line would increase risk of deeper pullback towards next good supports at $50.00 (psychological support) and $49.60 (08 Dec higher base).

Res: 53.05; 53.60; 54.49; 55.64
Sup: 52.39; 52.17; 51.73; 50.84

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