GOLD
Spot Gold hit fresh low at $1170 today, the lowest since beginning of February and cracked very strong support zone between $1174 and $1171 (Fibo 61.8% retracement of larger rally from 1046, Nov 2015 low to $1375, 2016 peak / weekly Ichimoku cloud base).
Bears may take a breather here and stronger bounce on profit-taking from important support area could be anticipated, as recovery rally spiked to $1193 so far. Also, stronger bullish close today would generate initial reversal signal.
Former low of 30 May at $1200, reinforced by falling daily Tenkan-sen line, marks solid resistance, which should ideally cap rallies, as overall structure remains negative and strong bearish signals were generated by completion of weekly Head and Shoulders pattern and break below former strong support at $1200. In addition to bearish short-term outlook, gold price is on track for the third straight week in red.
Selling upticks remains as favored scenario, with $1200 marking key resistance and guarding $1220 (broken weekly H&S neckline), break of which will sideline near-term bears.

Res: 1193; 1200; 1207; 1214
Sup: 1180; 1174; 1170; 1164

US CRUDE OIL
Oil price broke below the triangle, signaling fresh direction after strong indecision after rejection above daily cloud that formed double-Doji candle. Dips were so far contained by support at $47.16 (low of 22 Nov), which guards more significant support at $46.51 (daily cloud base / converged daily Tenkan-sen / Kijun-sen lines / Fibo 38.2% of $42.19/$49.18 upleg).
Mixed daily studies suggest further trading without clear direction, which may extend while the price is holding within daily cloud (spanned between $46.51 and $48.92).
Res: 48.02; 48.41; 48.92; 49.18
Sup: 47.16; 47.00; 46.51; 46.00

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