GOLD
Spot Gold has eventually taken out strong support at $1200 on yesterday’s strong bearish acceleration that hit fresh low at $1181, which was cracked on today’s extension to $1180. The yellow metal price reached the lowest levels since February, on bearish acceleration, signaled by completion of asymmetric weekly H&S pattern.
Extension of bearish cycle from $1337 (post-US elections spike high), eyes immediate targets at $1174 (weekly cloud base) and $1171 (Fibo 61.8% retracement of broader rally from 1046, Nov 2015 low to $1375, 2016 peak).
The price is on track for the third straight week in red and is looking for close below weekly cloud, to reinforce strong bearish stance for further weakness. Rising hopes of US interest rate hike keep gold under strong pressure.
Wednesday’s intraday high at $ 1192 marks initial resistance, ahead of former breakpoint, now resistance at $1200 and daily Tenkan-sen line in steep descend, currently at $1206.
Res: 1192; 1200; 1206; 1210
Sup: 1180; 1174; 1171; 1164

US CRUDE OIL
Oil trades in near-term triangular consolidation and holding within narrow range today, after Wednesday’s trading ended in long-legged Doji, signaling strong indecision.
The price continues to trade in daily cloud, following strong upside rejection above cloud top on Tuesday and subsequent pullback that was contained by daily Kijun-sen line at $47.05.
Daily studies are turning into bullish mode (daily MA’s in strong bullish setup / 14 d momentum in strong ascend) but Slow Stochastic is reversing from overbought territory. In addition, uncertainty about OPEC final decision about production cut, keeps the price in near-term directionless mode.
Break out of the triangle will generate initial signals of fresh direction. At the upside, daily cloud top marks next pivot at $48.92, followed by $49.18 (22 Nov spike high).
On the flip side, session low (also triangle’s support line) marks initial support at $47.79, followed by $47.39/16 (lows of 23 /22 Nov) and daily Kijun-sen line (currently at $47.00) which marks the lower trigger.
Res: 48.14; 48.49; 48.92; 49.18
Sup: 47.79; 47.39; 47.16; 47.00

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