GOLD

Yesterday’s strong rally met next target at $1219 (Fibo 38.2% of larger $1375/$1122 descend) after previous resistance at $1204 (Fibo 38.2% of $1337/$1122 was taken out and fresh bullish acceleration penetrated into daily and weekly clouds, bases of which lay at $1211.
Bull cycle from $1122 low could extend further, as daily technicals remain in strong bullish setup.
Next barrier lies at $1230 (50% retracement of $1337/$1122), followed by falling 100SMA at $1138.
Today’s price action is consolidating under fresh high at $1219, with daily cloud base now acting as initial support and holding for now.
Extended dips are allowed towards $1204 (broken Fibo barrier / rising 5SMA) and only firm break here would sideline immediate bulls for deeper pullback that would expose pivot at $1194 (rising daily Tenkan-sen).

Res: 1219; 1230; 1233; 1238
Sup: 1209; 1204; 1194; 1187

US CRUDE OIL

Oil price eventually broke below strong support at $52.14 (Fibo 23.6% of $42.19/$55.22 rally) that kept downside limited in past four days. Fresh bearish acceleration came after yesterday’s strong upside rejection at pivotal $53.48 barrier, with daily action closing in Doji candle with long upper shadow. Double-top that was left at $53.48, weighs on near-term market action that so far retraced over 61.8% of $50.70/53.48 upleg and turned near-term focus lower. Daily Tenkan-sen / Kijun-sen lines formed bear-cross that maintains downside pressure. Strong bearish close below $52.14 today is needed to confirm bearish stance for extension towards downside target at $50.70 (10 Jan trough), break of which would confirm Failure Swing pattern and signal extension towards 50.24 (Fibo 38.2% of larger $42.19/$55.22 ascend) and psychological $50.00 support.

Res: 52.14; 52.77; 53.00; 53.48

Sup: 51.39; 51.00; 50.70; 50.24

, Market Analysis