GOLD

Spot gold accelerates lower after repeated rejection at strong $1219 barrier.

Fresh weakness broke broken Fibo support/daily Tenkan-sen at $1204, generating bearish signal.

Violation of former correction low at $1195 is needed for stronger bearish signal, as break lower would confirm double-top and trigger stronger pullback towards $1182 (Fibo 38.2% of $1122/$1219 upleg).

The notion is supported by daily RSI bearish divergence.

Conversely, extended consolidation could be expected while $1195 pivot holds that would also ease downside pressure and keep alive hopes of fresh attempts at $1219 barrier.

Res: 1209; 1212; 1219; 1230
Sup: 1200; 1195; 1186; 1182

US CRUDE OIL

Oil price is holding within narrow range following repeated rejection at key $53.48 barrier (Fibo 61.8% of $55.22/$50.70 downleg).

Yesterday’s daily candle with long upper shadow weighs, with today’s action being so far in red and probing again below cracked triangle upper boundary.

Near-term studies are in mixed mode, while dailies remain bullishly aligned but losing momentum that keeps near-term risk shifted lower.

While daily Kijun-sen (52.96) caps, risk of fresh easing and extension towards lower pivot at $52.27 (daily Tenkan-sen) will remain in play.

Conversely, firm break above daily Tenkan-sen would signal renewed attempts towards $53.48 breakpoint.

Res: 52.96; 53.07; 53.48; 53.81
Sup: 52.66; 52.27; 52.01; 51.63

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