GOLD

Spot gold is holding stable above daily cloud, following repeated daily close above cloud top and posted new nearly three-months high at $1238 today, just ahead of initial barrier at $1240 (weekly Kijun-sen).

Bullish daily studies support further upside and eye next target at $1248 (50% retracement of $1375/$1122 descend).

Bulls so far ignore overbought daily RSI / slow stochastic, as no bearish signal has been generated so far.

However, corrective easing should be anticipated in the near-term.

Return below initial support (daily cloud base at $1230) would face solid supports at $1221 (broken 100SMA) and $1219 (former tops).

Res: 1238; 1240; 1248; 1255
Sup: 1230; 1227; 1221; 1219

US CRUDE OIL

Oil extends strong fall of past two days that broke below pivotal support at $52.20 and penetrated into daily cloud.
Broken cloud top now acts as initial resistance at $51.83, with risk of fresh extension lower seen in the near-term
The notion is supported by bearish near-term studies and daily bulls losing traction.
Extension towards next strong supports at $50.89/70 (18 / 10 Jan troughs) is seen likely with next strong support at $50.24 (Fibo 38.2% of $42.19/$55.22), also being in focus.
Former strong support, now reverted to resistance at $52.20 (former higher base / broken Fibo 61.8% of $50.89/$54.32 upleg) is expected to cap extended upticks.

Res: 51.83; 52.20; 52.77; 53.22
Sup: 51.21; 50.89; 50.70; 50.24

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