GOLD
Gold remains directionless for the second day and consolidating within narrow range above fresh low at $1157 (the lowest since early Feb).
Consolidation remains capped under $1177 barrier (daily Tenkan-sen) which guards the first pivot at $1187 (05 Dec high).
The price may extend consolidation, as bears on daily chart are oversold, with extended upticks to be capped under strong $1200 resistance (Fibo 23.6% of $1337/$1157 descend, reinforced by falling 20SMA).
Only sustained break above $1200 trigger would sideline broader bears and signal correction.
Res: 1177; 1180; 1187; 1197
Sup: 1165; 1160; 1157; 1150

US CRUDE OIL

Oil price is in directionless mode for the second day, after Tuesday’s trading ended in long-legged Doji.
Pullback from fresh high at $52.39 found footstep at $50.27, keeping intact strong support at $50.00 but failed to sustain subsequent bounce.
Overall picture remains firmly bullish but negative signal on Slow Stochastic’s reversal from overbought territory may trigger deeper pullback after strong upside rejection above former top at $51.92 (19 Oct high) that was shaped in red candle with long upper shadow.
Extension below $50.27/00 would generate bearish signal for further easing towards next pivot at $49.49 (Fibo 38.2% of ($44.81/$52.39 upleg).
Conversely, bounce above Tuesday’s high at $51.58 will give bullish signal.
Res: 51.18; 51.58; 51.92; 52.39
Sup: 50.27; 50.00; 49.49; 48.98

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