GOLD

Spot gold stays capped by strong barrier at $1219 that resisted several attacks, including today’s failure.

Near-term price action is holding within narrow range under $1219 hurdle, keeping overall bullish structure intact for now.

Yesterday’s low at $1208 marks first significant support, followed by broken Fibo 38.2% barrier at $1204, reinforced by rising daily Tenkan-sen that tracks the advance since late Dec.

Daily RSI looks toppish and keeps downside at risk. Return below $1204 pivot is needed to generate stronger negative signal of upside rejection, while loss of 19 Jan correction low would signal stronger pullback.

Conversely, sustained break above $1219 barrier would open upper pivots at $1230 (daily cloud top) and $1235 (falling 100SMA).

Res: 1219; 1230; 1235; 1245
Sup: 1208; 1204; 1195; 1187

US CRUDE OIL

Oil price regains traction and is back above triangle resistance line (currently at $52.95) after previous two attempts failed.

Yesterday’s fall was contained by daily Tenkan-sen at $52.21, with long-tailed daily candle signaling strong downside hesitation.

Near-term studies are regaining bullish tone for renewed attempt at key barrier at $53.48 (multiple upside rejections/Fibo 61.8% of $55.22/$50.70 downleg).

Sustained break here is required to signal resumption of bull leg from $50.89 trough towards next barrier at $54.15 (Fibo 76.4%).

Daily MA’s are in bullish setup and support further advance, as sideways-moving daily 20SMA is holding today’s action at $52.83, while north-turning 10SMA underpins (currently at $52.54).

However, risk of repeated rejection at $53.48 pivot would signal extended choppy trading in the near-term.

Daily Tenkan-sen marks lower pivot, loss of which would weaken near-term structure.

Res: 53.48; 53.81; 54.15; 55.00
Sup: 52.83; 52.54; 52.21; 52.01

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