GOLD
Spot Gold eased on Wednesday after previous day’s rally was capped by broken neckline of weekly H&S pattern, reinforced by falling 10SMA at $1221. Subsequent weakness that dipped to $1210 signaled lack of strength for more significant recovery, as daily studies are firmly bearish and daily RSI & Slow Stochastic turned sideways on oversold zone border.
Completion of weekly H&S pattern generated strong bearish signal for stronger losses, which are expected to accelerate on firm break below strong support at $1200.
Meantime, the yellow metal price may extend near-term consolidation before bears resume. Range top at $1221 marks strong resistance, guarding breakpoint at $1232 (16 Nov lower top, reinforced by falling daily Tenkan-sen line).
Res: 1214; 1219; 1221; 1232
Sup: 1210; 1202; 1200; 1190

US CRUDE OIL
Oil price regained $48.00 handle, following yesterday’s strong upside rejection at $49.18, on probe above daily cloud top. Subsequent weakness dipped to $47.16, where the footstep was found and managed to close above cracked important daily Kijun-sen support at $47.58.
The price remains in the daily cloud, with scope for fresh attempts above cloud top, as daily studies are in bullish setup. While daily Kijun-sen support holds, fresh upside attempts towards cloud top at $48.84 and Tuesday’s high at $49.18, could be anticipated.
However, renewed fears of failure of production cut talks, weigh on near-term price action. Close below Kijun-sen line would weaken near-term structure and risk fresh weakness.
Res: 48.84; 49.18; 50.00; 50.95
Sup: 47.58; 47.16; 46.80; 46.06
, Market Analysis