Gold

Gold is correcting to the upside from the beginning of the day but rejected at 1150 and still trades under pressure above 1122 11 months low.

Hourly studies showing positive signals especially after the 10 EMA broke to the upside but it rejected at 1150 and also there are overbought signals at Stochastic and RSI so we need clear break above 1150 to confirm the uptrend in near-term.

Overall bearish structure stays intact on daily studies but there are oversold signals at stochastic and RSI and also test daily tenkan-sen line at 1144 which if it breaks it will be first reversal signal but there are strong barriers at 1156 20 SMA and 1171 kijun-sen line which they might keep upside protected, a clear break below 1134 will open way for retest 1122 price level.

Conversely, sustained break above 1150 open way towards 1156 20 SMA, with extension towards 1171 daily kijun-sen line .

Res: 1144 , 1150 , 1156 , 1171

Sup: 1139 , 1134 , 1130 , 1126

Crude oil

Crude oil is consolidating under 2016’s high at 54.47 and so far contained at 53 zone and today is trading in a narrow range but price still supported.

Hourly studies are positive and oil remains supported in near term prices at 52.90 so further advance favored Overall bullish structure stays intact on daily studies and solid supports lay at 52.44 Daily tenkan-sen line and 51.64 (20 SMA) which might keep the downside protected for now so scope is seen for fresh attempts higher with break above pivot at 53.75 will open the way for retest 54.47 with extension towards 55.64 Conversely, sustained break below 51.64 barrier (20 SMA) will be a reversal signal and will open the way towards strong barriers at 49.64 (daily kijun-sen line) with extension at 49.00.

Res: 53.75 , 54.45 , 55.50 , 57.00
Sup: 52.40 , 51.65 , 50.95 , 49.65

, Market Analysis