GOLD

Spot gold cracked support at $1182 (Fibo 38.2% of $1122/$1220 ascend) on bearish extension below former pivots at $1204/00.

Bearish acceleration from $1219 where double-top has formed, extends onto fourth day, also forming bearish weekly candle (the first after four-week rally).

Reversal pattern continues to weigh, as daily technicals are turning into bearish setup and see potential of extension towards $1173/71 (daily Kijun-sen/50% retracement).

Corrective attempts are expected to hold below broken daily Tenkan-sen ($1200) to keep fresh bears in play.

Only sustained break higher would neutralize and shift near-term focus higher.

Res: 1189; 1200; 1204; 1209
Sup: 1181; 1173; 1171; 1162

US CRUDE OIL

Oil price eventually broke above strong barrier at $53.48 that was capping upside attempts in past two weeks.
Yesterday’s acceleration higher completed inverse H&S pattern that may fuel further upside. Bulls so far cracked psychological $54.00 barrier, but stay ahead of next target at $54.15 (Fibo 76.4% of $55.22/$50.70 pullback.
Break above the latter could extend the wave C, on which the price is currently riding, towards its 138.2% Fibonacci expansion at $54.80 that would unveil key short-term barrier at $55.22 (03 Jan peak).
Former strong barrier at $53.48 now marks initial support, with corrective dips expected to hold above $52.96 (daily Kijun-sen) to keep near-term bulls in play.
Weekly close above $53.48 is needed to confirm bullish resumption.

Res: 54.15; 54.39; 54.80; 55.22
Sup: 53.48; 52.96; 52.77; 52.48

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