GOLD
Spot Gold remains steady and holding under fresh recovery high at $1276, posted on Tuesday. Long bullish daily candle that was formed after yesterday’s rally and probe above near-term congestion tops, generated bullish signal for further recovery. The notion is supported by daily 10 / 20 SMA’s that turned into bullish setup and return above 200SMA.
Gold is eyeing strong barrier at $1280 (Fibo 38.2% of $1343/$1241 descend), break of which may trigger fresh bullish extension towards next strong barrier at $1292 (double Fibonacci resistance – 38.2% of $1375/$1241 descend and 50% of $1343/$1241 downleg).
However, risk of recovery stall remains in play, as gold is currently riding on the fourth (corrective wave of five wave cycle from $1352) which should ideally end at $1278, according to wave theory.
Return below higher base at $1260 (reinforced by daily Tenkan-sen line) is needed to confirm such scenario).

Res: 1276; 1280; 1287; 1292
Sup: 1269; 1266; 1260; 1256

WTI Crude Oil
Oil price entered narrow consolidation after pullback from fresh multi-month high at 52.21, posted last week, found footstep above psychological $50.00 support. Near-term action will remain in neutral mode while the price holds within $50.00/$51.00 range.
Daily bulls are so far intact and the price remains within larger congestion, formed between $49.78 and $52.21, after attempts above initial barrier at $51.59 (former congestion tops) failed to sustain break higher.
The first trigger lies at $50.20 and break lower would put pressure on ey near-term breakpoint at $49.78, loss of which would signal deeper correction. Otherwise, prolonged consolidation above $50.20 would keep fresh upside attempts in play. Firm break above $51.00 is needed to confirm fresh near-term bulls and re-focus $52.21 high.
Res: 51.00; 51.44; 51.81; 52.21
Sup: 50.20; 49.78; 49.14; 48.20
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