GOLD

Gold price is holding in extended consolidation above fresh low at $1122, posted on 15 Dec. Upside attempts were so far capped at $1142, with no firmer signals of stronger recovery for now. Neutral hourly studies support further directionless action, however, daily studies are firmly bearish and keep risk at the downside. Immediate supports lay at $1124 (cracked Fibo 76.4% of larger $1046/$1375 ascend) and $1122 low. Break lower to signal extension of current wave C from $1337, towards its Fibonacci expansion levels of 161.8$ at $1018 and 176.4% at $1100 (also psychological support). Daily Tenkan-sen line is moving south again (currently at $1147) and marks the first upper pivot. Sustained break here would sideline downside risk in favor of stronger correction.

Res: 1136; 1142; 1147; 1155

Sup: 1129; 1124; 1122; 1118

US CRUDE OIL

Oil price is maintaining bullish near-term tone and is attempting above the top of yesterday’s consolidation at $53.76. Technical studies are bullish on all timeframes, as fresh rally off pullback’s low at $49.94 has retraced the largest part of $54.49/$49.94 correction and signaling final push higher to fully retrace corrective phase. Meantime, dips should ideally hold above $52.22 (daily Tenkan-sen line) which turned to strong support again. Any break here would weaken near-term tone and risk return to $49.94 pivot. Firm break above $54.49 high would signal resumption of broader recovery, which could extend towards Fibonacci projections at $55.64 and $57.93.

Res: 54.00; 54.47; 55.64; 56.00

Sup: 53.44; 52.83; 52.22; 51.49

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