Commodities 14.11.2016

Commodities 14.11.2016

GOLD
Spot Gold spiked to fresh multi-month low at $1212 today (weekly cloud top / just ahead of 100SMA support), on extension of sharp post-election bearish acceleration last Thu-Fri. Past week’s trading was shaped in long bearish candle with long upper shadow that generated strong bearish signal for the short-term trading.
Daily studies are entering into full bearish setup that maintains strong downside pressure, along with renewed strong risk-on sentiment.
The price eyes strong support at $1200 (29 May trough), loss of which would trigger further weakness and retracement of larger bull-phase from $1046 to $1375, as Friday’s acceleration lower broke below the neckline of asymmetric weekly H&S pattern. Firm break below $1200 handle would open $1171 (Fibo 61.8% of $1046/$1375 rally.
Former low at $1241 now offers good resistance, ahead of broken neckline at 1253, which should ideally limit corrective upticks.
Res: 1232; 1241; 1253; 1260
Sup: 1212; 1207; 1200; 1190

gold-14-11

US CRUDE OIL
Oil price resumes lower after brief consolidation above $43.05 (lows of last Friday / 20 Sep) and broke below $42.99 (former low of 01 Sep). Fresh weakness eyes next support at $42.30/22 (double-Fibonacci level (Fibo 76.4% of $39.24/$52.21 ascend / Fibo 38.2% of $26.04/$52.21 rally, reinforced by 55SMA).
Strong bearish momentum and daily MA’s in firm bearish setup favor further weakness, with close below cracked higher base at $43.00 zone, expected to open psychological $40.00 support and key med-term support at $39.24 (03 Aug trough), in extension.
Broken 200SMA (currently at 44.08) offers solid resistance, guarding 44.98 barrier (base of thickening daily Ichimoku cloud), where extended corrective upticks should be capped.

Res: 43.05; 43.57; 44.08; 44.98
Sup: 42.30; 41.09; 40.56; 40.00
crude-oil-14-11, Market Analysis