Gold

Gold is trading within narrow consolidation above fresh low at $1122, posted on past two days bearish acceleration from $1165.
Extended wave C of five-wave cycle from $1375 is looking for its 161.8% Fibonacci expansion target at $1118, with attack at psychological $1100 support, seen in extension.
Strongly oversold daily studies so far did not generate bullish signal, however, profit-taking at the end of the week should be anticipated.
Initial resistance lies at $1135 (session high), followed by yesterday’s high at $1144, with falling daily Tenkan-sen (currently at $1151) expected to ideally cap.
Gold is on track for the sixth consecutive weekly close in red that confirms strong bearish stance.

Res: 1135; 1144; 1151; 1155
Sup: 1126; 1122; 1118; 1108

US CRUDE OIL

Oil price managed to close above cracked support at $50.79 (Fibo 38.2% of $44.81/$54.49 upleg) following yesterday’s dip to $49.94. Psychological $50.00 level proved to be solid support,

however, downside remains at risk, as near-term studies are negatively aligned.

Renewed attempts below $50.79/00 supports would signal fresh extension of pullback from $54.49 peak that may extend towards $48.51/34 pivots (Fibo 61.8% / daily Kijun-sen).

Conversely bounce and firm break above $52.05 (daily Tenkan-sen) is needed to sideline downside risk.

Res: 51.56; 52.05; 53.01; 54.47
Sup: 50.66; 50.00; 49.60; 48.51

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