Gold

Gold corrects from fresh multi-month low at $1122, retracing so far nearly 50% of last week’s acceleration from $1165 to $1122.
Strongly oversold daily studies give strong indication for correction which eyes strong barriers at $1148 / $1151 (Fibo 61.8% of $1165/$1122 / daily Tenkan-sen line) which is expected to ideally cap recovery.
Overall structure is firmly bearish as six consecutive weeks in red maintains strong downside pressure.
The price currently rides on extended wave C which is looking for its FE 161.8% at $1118 and could stretch to psychological $1100 support (also FE 200%).
However, break above Tenkan-sen barrier would delay and signal further recovery towards next pivot at $1165.

Res: 1143; 1151; 1155; 1165
Sup: 1133; 1127; 1122; 1118

US CRUDE OIL

Oil price recovered above $53 on fresh rally from $51.09 where the recent pullback found support.

Near-term studies returned to bullish mode on fresh rally, with overall bulls being intact and signaling completion of $54.47/$51.09 corrective phase.

We look for daily close above $53.18 (Fibo 61.8% of $54.47/$51.09) to confirm reversal and open way through $53.67 (Fibo 76.4%) towards $54.47 (12 Dec high).

Session low at $52.98 marks initial support, with extended dips expected to stay above daily Tenkan-sen at $52.03.

Res: 53.67; 54.00; 54.47; 55.00
Sup: 52.98; 52.03; 51.56; 51.09

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