GOLD

Spot gold rallied today on weaker dollar and eventually broke above strong barriers at $1204/$1212 zone, below which broader uptrend from $1122 (15 Dec low) hesitated in past three days.

Fresh rally penetrated into thick daily cloud and is eyeing next target at $1221 (22 Nov lower top), with extension towards $1230/33 (50% retracement of $1337/$1122 descend/16 Nov lower top) not ruled out.

North-heading daily Tenkan-sen continues to underpin (currently at $1188).

However, daily RSI is breaking into overbought territory and may generate bearish signal in the near-term.

Broken Fibo barrier and session low offer initial supports at $1204/02, followed by 55 SMA at $1193 and lower pivot at $1188 (daily Tenkan-sen).

Res: 1214; 1221; 1230; 1233
Sup: 1204; 1202; 1193; 1188

US CRUDE OIL

Oil price bounces from strong $52.14 support (Fibo 23.6% of $42.19/$55.22 rally) that contained downside attempts in past few sessions.

Near-term studies are moving from neutrality zone on today’s rally that probes above $53.00 barrier and eyes pivot at $53.48 (12 Jan high/Fibo 61.8% of $55.22/$50.70 pullback).

Bullishly aligned daily technicals support scenario with firm break above $53.48 needed to signal higher base at $52.14 and shift near-term focus towards next targets at $54.15/30 (Fibo 76.4% / 06 Jan high).

Failure to clear $53.48 trigger would signal extended directionless trading, while eventual loss of $52.14 base would generate stronger bearish signal.

Res: 53.48; 54.15; 54.30; 55.22
Sup: 53.00; 52.14; 51.79; 51.39

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