GOLD

Gold price is going nowhere, being entrenched within $1122/$1142 consolidation range that narrowed further in past few sessions. The price is expected to hold neutral tone while initial boundaries at $1125 and $1137 are intact, however, clearer direction signals require break through initial range limits. Gold remains bearish overall, with bias at the downside, focusing targets at $1118 and $1100 (FE 161.8% & 176.4% of the wave C that commenced from $1337 lower top). Oversold daily studies did not generate any bullish signal so far, keeping the risk at the downside.

Res: 1136; 1142; 1147; 1155

Sup: 1125; 1122; 1118; 1115

US CRUDE OIL

Oil price dipped on Wednesday, following repeated upside rejection at $53.76 (high of four-day recovery rally from $49.94).

Dips were so far contained above pivotal support at $52.22 (daily Tenkan-sen).

While the later holds, daily bulls will remain intact for fresh attempts higher. Such scenario requires firm break above $53.30 zone, to be confirmed, as near-term action is so far capped by thick hourly cloud (spanned between $52.63 & $53.37).

Otherwise, downside will remain at risk, as hourly studies are negative and yesterday’s long red daily candle weighs on near-term structure.
Loss of Tenkan-sen support would generate bearish signal, while extension below $51.40 (Fibo 61.8% of $49.94/$53.77 upleg) would confirm reversal and expose strong $50.00 support zone.

Res: 52.63; 53.05; 53.37; 53.77
Sup: 52.49; 52.22; 51.40; 50.00

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