GOLD

Spot gold is attacking again strong resistance zone between $1204 and $1212 (Fibo 38.2% of larger $1337/$1122 fall / base of descending daily Ichimoku cloud), on fresh rally from last Friday’s corrective dip to $1187.

Technical studies remain bullish on near-term and daily timeframes and favor fresh upside, as an uptrend from $1122 (15 Dec low) stays uninterrupted for now.

However, extended hesitation at these strong resistances cannot be ruled out, with possible downticks towards $1187, expected to keep bullish structure intact.

Firm break above $1204/12 barriers could trigger fresh bullish acceleration towards $1221 (22 Nov lower top) and $1230 (50% retracement of $1337/$1122).

Conversely, stronger bearish signal could be expected on extended dips below $1182 (rising daily Tenkan-sen line).

Res: 1204; 1208; 1212; 1221
Sup: 1198; 1194; 1187; 1182

US CRUDE OIL

Near-term price action is at the back foot, following last Friday’s close in red and today’s fresh extension lower that retested key near-term support at $52.14 (Fibo 23.6% of $42.19/$55.22 rally) that offers solid support for now.

Fresh downside could be expected on violation of the latter, as pullback from $55.22 high looks incomplete, following last week’s recovery rejection at $53.16.

Firm break below $52.14 pivot would risk fresh weakness towards $50.70 (correction low posted on 10 Jan) with possible extension towards next pivot at $50.24 (Fibo 38.2% retracement).

Rally and firm break above $53.48 barrier is needed to neutralize downside threats and shift near-term focus higher.

Res: 52.71; 53.16; 53.48; 54.30
Sup: 52.14; 51.79; 51.39; 50.70

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