GOLD

Spot gold remains on strong bullish footing and extends above broken top of thick daily cloud that now acts as good support at $1230.
Fresh three-months high at $1244 was posted yesterday, after resistance at $1240 (weekly Kijun-sen) was taken out.
Target at $1248 (50% retracement of $1375/$1122) is in immediate focus, with extension towards $1255 (Fibo 61.8% of $1337/$1122 downleg) seen on break.
Overbought daily RSI and slow stochastic suggest correction in the near-term, but no firmer bearish signals being generated so far.
Below daily cloud top, strong supports lay at $1221/19 (100SMA / former tops).

Res: 1244; 1248; 1255; 1263
Sup: 1238; 1230; 1221; 1219

US CRUDE OIL

Oil extends yesterday’s bounce from fresh low at $51.21, marking a false break into thick daily cloud and so far retraced over 50% of $54.32/$21.21 downleg.

Fresh acceleration higher sidelined downside risk towards strong $50.89/70 supports, with improved near-term studies, shifting immediate focus higher, as daily technicals remain in bullish setup.

Return above daily Kijun-sen & Tenkan-sen lines (52.51/52.77 respectively) that remain bullishly aligned, generated another positive signal that requires confirmation on daily close above.

Also, sustained break above $53.13 (Fibo 61.8% of $54.32/$51.21 pullback) would confirm reversal and signal further upside.

Session low at 52.36 (also near broken Fibo 38.2%) offers solid support that should contain extended corrective dips.

Thickening daily Ichimoku cloud (cloud top currently lies at $51.83) underpins the action and only return below cloud top would generate stronger bearish signal.

Res: 53.13; 53.59; 54.10; 54.32
Sup: 52.77; 52.81; 52.36; 51.83

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