GOLD
Gold bounced to $1197 on Monday, on recovery extension after Friday’s long-legged Doji candle signaled hesitation at strong $1170 support zone ($1174 and $1171 – Fibo 61.8% retracement of larger rally from 1046, Nov 2015 low to $1375, 2016 peak / weekly Ichimoku cloud base).
Correction above former breakpoint at psychological barrier at $1200, may extend to $1210 double Fibonacci resistance (broken 50% of $1046/$1375 / 23.6% of $1337/$1170 fall), before larger bears resume.
Scenario of stronger correction is supported by daily RSI / Slow Stochastic that are reversing from oversold territory, however, limited upside action is seen on firm bearish structure and strong negative signal that was generated on completion of weekly Head and Shoulders pattern.
Conversely, violation of $1210 barrier would signal extended recovery and expose strong resistances at $1220 (broken H&S neckline) and $1234 (Fibo 38.2% of $1337/$1170 fall).
Res: 1197; 1200; 1210; 1213
Sup: 1188; 1178; 1174; 1170

US CRUDE OIL
Oil price is consolidating above fresh low at $45.13, posted today on extension of Friday’s strong fall (the biggest one day fall since 24 June). Near-term price action is moving within $45.35/$46.28 range, after the price managed to stabilize above $45.13 low.
Limited upside attempts were seen so far, with daily studies losing momentum and broken base of thick daily Ichimoku cloud at $46.64, offering strong resistance, below which extended upticks should be capped.
Today’s action cracked important support at $45.32 (Fibo 38.2% of $42.94/$49.18 upleg), but downside attempts were limited ahead of next strong support at $44.90 (200SMA).
Firm break below $45.32/$44.90 supports is needed to signal resumption of near-term downtrend from $49.18 (22 Nov peak).
Res: 46.28; 46.64; 47.14; 47.63
Sup: 45.13; 44.90; 44.41; 43.56

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