US CRUDE OIL

Oil price spiked higher in early European trading, extending strong recovery rally of past two days.
Fresh gains eventually broke above pivot at $53.13 (Fibo 61.8% of $54.32/$51.21 pullback), boosted by comments from International Energy Agency.
IEA raised global oil demand growth for 2017 and announced that OPEC production fell, according to global production cut plan.
Daily technicals returned to full bullish setup and favor further recovery towards key near-term barriers at $54.06/32 zone.
Bull-leg from $51.21 trough (08 Feb correction low), so far hit high at 53.59 (Fibo 76.4%), with further upside seen as likely near-term scenario.
Immediate support lies at $53.13 (broken Fibo 61.8%), ahead of $52.77 (20 SMA) and daily Kijun-sen at $52.51, which is expected to contain extended corrective dips.

Res: 53.59; 54.06; 54.32; 54.49
Sup: 53.13; 52.77; 52.51; 52.36

GOLD

Spot gold returned below daily cloud top support at $1230 after bull-leg from $1180 (27 Jan trough) showed signals of stall on approach to $1248 target.

Pullback from double upside rejection at $1244 closed below cloud top yesterday and extended to $1221 today, where 100SMA held weakness.

Current easing looks for now as correction of $1180/$1244 upleg, with strong support zone between $1221 and $1219 (100 SMA / Fibo 38.2% / former tops), required to contain and keep broader bulls intact for fresh attempts higher.

Otherwise, firm break lower would signal deeper correction that may extend towards next pivots at $1212 (20SMA) and $1207/05 (daily Kijun-sen / Fibo 61.8% of $1180/$1244 upleg).

Res: 1230; 1244; 1248; 1255
Sup: 1221; 1219; 1212; 1205

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