GOLD
Spot Gold is at the back foot at the beginning of the week, despite last week’s bullish close, the first after three consecutive weeks in red. Pullback from fresh recovery high at $1274 returned below 200SMA (currently at $1268), which keeps downside risk in play.
Near-term studies are neutral while daily structure remains weak and sees risk of slide to strong $1260 support (daily Tenkan-sen line). Firm break here will signal lower top at $1274 and fresh bearish acceleration of the fifth wave of five-wave cycle from $1352, which could extend to $1246, according to wave theory.
Conversely, extended consolidation could be expected while $1260 support holds, with renewed attempts higher not ruled out. Sustained break above $1274 barrier would open way towards next targets at $1280/92 (Fibo 38.2% / 50% of $1343/$1241 descend.

Res: 1267; 1274; 1280; 1292
Sup: 1262; 1260; 1256; 1252

WTI Crude Oil
Oil price entered narrow consolidation after pullback from fresh multi-month high at 52.21, posted last week, found footstep above psychological $50.00 support. Near-term action will remain in neutral mode while the price holds within $50.00/$51.00 range.
Daily bulls are so far intact and the price remains within larger congestion, formed between $49.78 and $52.21, after attempts above initial barrier at $51.59 (former congestion tops) failed to sustain break higher.
The first trigger lies at $50.20 and break lower would put pressure on ey near-term breakpoint at $49.78, loss of which would signal deeper correction. Otherwise, prolonged consolidation above $50.20 would keep fresh upside attempts in play. Firm break above $51.00 is needed to confirm fresh near-term bulls and re-focus $52.21 high.
Res: 51.00; 51.44; 51.81; 52.21
Sup: 50.20; 49.78; 49.14; 48.20

FTSE 100

Near-term price action shows signs of stall and returns below 7000 handle, after posting fresh nearly two-week high at 7039 (marginally higher of Friday’s 7029 peak. Long-legged Doji candle, left on Friday, was initial signal of indecision and today’s upside rejection adds on rising risk of stronger pullback. Pivotal support at 6985 (Fibo 38.2% of 6898/7039 upleg) is coming under pressure and sustain break here would generate stronger bearish signal, while extension below 6968 (daily Tenkan-sen) would confirm lower top at 7039 and signal further easing.
Slow Stochastic is turning south after reversal at overbought zone border and supports negative near-term scenario.
Conversely, sustained break and close above 7015 (Fibo 61.8% of 7092/6891 downleg) is needed to sideline downside threats and turn focus towards key barrier at 7092 (11 Oct peak).

Res: 7015; 7029; 7039; 7092
Sup: 6985; 6968; 6952; 6931

DAX
Dax rallied strongly on Monday and eventually cracked former high at 10803, posted on 15 Aug, the highest level since end of December 2015. Long bullish candle of past week, part of two-week recovery from 10336 trough, generated strong bullish signal for final attack at key 10803 barrier, break of which will signal resumption of broader uptrend from 8695 (07 Feb low) and extension of the wave C (of five-wave cycle from 8695) which commenced from 9151 (24 June trough) and could extend to its 100% Fibonacci expansion at 10957. Daily close above 10803 is needed to confirm bullish resumption.
Meantime, overbought Slow Stochastic suggests corrective action (no clear signal yet), with initial support at 10700 (Monday’s low / 4-hr Tenkan-sen) and extended dips to find solid support at 10660 (top of ascending hourly cloud).
Res: 10876; 10957; 11020; 11432
Sup: 10743; 10700; 10660; 10630

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