GOLD

Gold price fell after last Friday’s rejection at $1244 (previous highs of 08/09 Feb) but dips so far stay above strong support at $1230 (daily cloud top/Tenkan-sen line).
Bearish candle with long upper shadow that was formed on Friday weighs, along with weak hourly studies that may result in probe below $1230 support.
Extended dips should be contained above $1227 (Fibo 61.8% of %1216/$1244 upleg) in order to control risk of further weakness on completion of double-top pattern that may extend towards $1221 and key near-term support at $1216.
Tops at $1244 now mark strong resistances that would keep upside attempts limited for now.
Only firm break here would signal bullish continuation and re-focus targets at $1248/55.

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

BRENT OIL

Brent price is attempting to break above neutrality zone between $55.10 and $56.30, defined by four consecutive daily Doji candles. The price is holding around the top of thick daily cloud (currently at $55.77, unable to establish near-term direction. Bullishly aligned daily studies are supportive for fresh upside attempts, as thick daily cloud offers significant support, with cloud top being reinforced by 20SMA. Close above $56.30 barrier is needed to generate initial bullish signal for fresh upside and expose next barriers at $56.85 and $57.42. Otherwise, extended sideways mode could be expected if current attempts higher fail again. Bearish scenario could be activated on clear penetration into daily cloud and extension below near-term congestion low at $55.10.

Res: 56.30; 56.85; 57.42; 58.36
Sup: 55.77; 55.39; 55.10; 54.43

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