GOLD

Spot Gold is focusing barriers at $1244 (08 Feb high) and $1248 (50% retracement of $1375/$1122) again, on fresh bullish acceleration after strong downside rejection under key supports at $1220 zone (Fibo 38.2% of $1180/$1244 upleg/former tops).
Long-tailed bullish daily candle that was left yesterday, underpins recovery that broke and closed above daily cloud top ($1230) yesterday, generating strong bullish signal.
Today’s fresh extension higher cracked next barrier at $1237 (Fibo 76.4% of $1244/$1216 upleg) opening way for further upside.
Broken daily cloud top, reinforced by rising Tenkan-sen, offers solid support that should contain corrective dips.

Res: 1238; 1244; 1248; 1255
Sup: 1233; 1230; 1227; 1221

US CRUDE OIL

Oil price regained traction and is heading towards key near-term barriers at $53.50/70 (highs of Wed /Tue, also strong upside rejections.

Yesterday’s action ended in long-legged Doji, signaling indecision above very strong support at $52.66 (top of thick daily cloud, reinforced by daily Tenkan-sen line) that contained repeated attacks.

Bullishly aligned daily studies favor fresh upside attempts after repeated rejection at cloud top.

However, sustained break above $53.50/70 barriers is needed to confirm rally from cloud top for renewed attack at key near-term barriers at $54.00/30 zone.

Meantime, near-term action would remain without clear direction while holding between $52.66/$53.70 range.

Alternative scenario requires penetration into daily cloud to sideline bullish bias and shift focus lower.

Res: 53.50; 53.70; 54.00; 54.32
Sup: 52.94; 52.66; 52.32; 51.89

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