GOLD

Gold eased to $1132 area (mid-point of $1122/42 recovery leg) after correction stalled at $1142.

Hourly techs turned negative again and signal further weakness, as overall structure is firmly bearish.

No firmer bullish signals on oversold daily studies seen so far, but fresh action higher cannot be ruled out.

Return to $1142 barrier is needed to signal fresh recovery attempts that may extend towards strong resistance at $1150 (daily Tenkan-sen line).

Conversely, firm break below $1130 (Fibo 61.8% of $1122/42 upleg) would signal an end of recovery phase and possible return to $1122 low. Loss of hourly trough at $1127 is needed to confirm scenario.

Res: 1142; 1150; 1155; 1165
Sup: 1130; 1127; 1122; 111

US CRUDE OIL

Oil price is consolidating around $53 handle, after three-day rally left higher low at $49.94 and hit one-week high at $53.26 (just under $53.40 barrier (Fibo 76.4% of $54.47/$49.94 pullback / 13 Dec high).

Technical studies remain bullish on all timeframes and favor final push towards key n/t barrier at $54.49 (12 Dec peak / highest since July 2015), break of which would signal fresh extension of larger recovery from $26.04 (low of 2016) towards Fibonacci projections at $55.64 and $57.93.

Session low and hourly higher base at $52.83 marks immediate support, ahead of more significant $52.05 support (daily Tenkan-sen), which should contain corrective dips.

Res: 53.40; 54.00; 54.47; 55.64
Sup: 52.83; 52.05; 51.49; 50.22

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