GOLD
Gold price may extend towards $1124 (Fibo 76.4% of $1046/$1375 ascend) after fresh weakness broke below strong supports at $1174/71 (Fibo 61.8% retracement of larger rally from 1046, Nov 2015 low to $1375, 2016 peak / weekly Ichimoku cloud base).
Daily studies remain firmly bearish, with long red monthly candle of November with long upper shadow, maintaining strong downside pressure.
Corrective rallies should be ideally capped by falling Tenkan-sen line (currently at $1191) which guards pivotal $1200 barrier.
Res: 1176; 1181; 1191; 1200
Sup: 1161; 1150; 1132; 1124

US CRUDE OIL
Oil price surged on OPEC deal on Wednesday (the biggest one-day gains since Feb) and broke above daily cloud.
Fresh extension on Thursday probed above psychological $50.00 barrier, as yesterday’s long bullish candle strongly supports the advance. Daily close above $50.00 is needed to confirm strong bullish stance for extension towards $51.00 and possible extension towards key barrier at $52.21 (19 Oct peak) on fresh bullish sentiment.
Look for corrective dips towards $48.00, before bulls resume.
Conversely, break below $48.00 would delay for extended correction.
Res: 50.00; 50.22; 51.00; 52.21
Sup: 48.98; 48.00; 47.52; 46.88
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