GOLD

Spot gold returned into daily cloud on fresh rally from correction low at $1195, where rising daily Tenkan-sen contained pullback. Fresh bullish acceleration regained former high at $1219, posted on 17 Jan, but is so far unable to break higher. Mixed setup of daily studies lacks clearer signals. Bull cross of 10/55SMA’s is underpinning, along with bullishly aligned daily Tenkan-sen/Kijun-sen lines). On the upper side, $1219 is still acting as valid support and sustained break higher would open way for extension towards next set of strong barriers at $1230 (daily cloud top) and $1236 (falling 100SMA). Extended consolidation could be expected while $1219 caps, with daily Tenkan-sen expected to hold. Loss of $1200/$1195 support zone would signal double-top and fresh weakness that may extend towards $1182 (Fibo 38.2% of $1122/$1219 ascend).

Res: 1219; 1230; 1236; 1245

Sup: 1208; 1200; 1195; 1187

US CRUDE OIL

Oil price eased about 100 pips after repeated rejection (Friday / today) at key near-term barrier at $53.48.

Fourth consecutive rejection at $53.48 barrier (Fibo 61.8% of $55.22/$50.70 pullback) and return back into triangle (formed on daily chart) softened near-term tone.

However, daily studies remain constructive and pullback could be seen as positioning for fresh attempts higher.

Such scenario requires daily Tenkan-sen (currently at $52.20) to contain dips.

Renewed attack and successful break above $53.48 pivot, would generate stronger bullish signal for fresh acceleration towards $54.15, possibly towards $55.00 zone in extension.

Conversely, loss of Tenkan-sen support would further weaken near-term structure and risk extension towards triangle support (currently at $51.09

Res: 53.05; 53.48; 53.65; 54.15
Sup: 52.20; 52.01; 51.63; 51.00

 , Market Analysis