GOLD

Gold price slumped yesterday on expected reaction after US rate hike and extended bearish acceleration to fresh low at $1134 (the lowest level since 03 Feb) today.

The price is riding on extended wave C Of five-wave cycle from $1375 that broke below its FE138.2% at $1350 and is looking for $1124 (Fibo 76.4% of 1046/1375, 2015 low / 2016 high) ascend.

The wave could extend to $1118 (FE 161.8%), possibly to psychological $1100 support (also FE176.4%), on continuing strong bearish sentiment.

Meantime, expect corrective attempts as daily studies are overextended (no bullish signal yet).

Session high at $1144 marks initial resistance, ahead of former low at $1150 and falling daily Tenkan-sen (currently at $1161) which is expected to cap extended upticks.

Res: 1144; 1150; 1157; 1161
Sup: 1131; 1124; 1118; 1108

US CRUDE OIL

Oil price bounced from $50.66, where three-day pullback from fresh high at $54.49 found support. The support is provided by Fibo 76.4% of $49.60/$54.49 upleg and Fibo 38.2% of $44.81/$54.49 rally, guarding $crud50.00 (psychological support) and next pivot at $49.60 (08 Dec trough). Near-term studies are bearish and favor further downside after correction, which should be ideally capped by daily Tenkan-sen at $52.05. On the other side, daily bulls remain in play and see current pullback as correction of larger uptrend. Confirmation of such scenario requires sustained break above daily Tenkan-sen line (which now acts as a resistance) that will turn focus at the upside again.

Res: 51.56; 52.05; 53.01; 54.47

Sup: 50.66; 50.00; 49.60; 48.51

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