CRUDE OIL: Puts In Temporary Bottom, Targets 46.20 Area
CRUDE OIL: With Crude Oil putting in a temporary bottom on Monday, it faces a move higher on correction. Resistance is located at the 45.50 level where a break will expose the 46.20 level. A break below here will aim at the 47.00 level and then the 48.00 level. Above here if seen will open the door for a run at the 49.00 level. Its daily RSI is bearish and pointing higher supporting this view. Conversely, on the downside, support resides at the 44.00 level where a break will expose the 43.00 level followed by the 42.00 level. A cut through here will aim at the 41.00 level. All in all, Crude Oil remains biased to the downside medium term but faces a recovery risk.
GOLD: Sees Further Bullishness With Eyes On The 1,168/70 Zone
GOLD: The commodity’s outlook continues to point higher leaving risk of more gains in the new week. However, we may see GOLD pulling back to correct some of its recent gain. On the upside, resistance resides at the 1,170.00 level where a break will aim at the 1,190.000 followed by the 1,200.00 level. A violation of here will turn attention to the 1,220.00 level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the contrary, support comes in at the 1,150.00 level where a break will aim at the 1,130.00 level. A cut through here will open the door for move lower towards the 1,120.00 level. Below here if seen could trigger further downside pressure towards the 1,100.00 level. All in all, GOLD remains biased to the upside on corrective recovery.
CRUDE OIL: The commodity weakened further the past week leaving risk of more decline on the cards. Resistance is located at the 41.00 level where a break will expose the 42.00 level. A break below here will aim at the 43.00 level and then the 44.00 level. Above here if seen will open the door for a run at the 45.00 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the downside, support resides at the 39.00 level where a break will expose the 38.00 level followed by the 37.00 level. A cut through here will aim at the 36.00 level. All in all, Crude Oil remains biased to the downside medium term.
GOLD: The commodity’s outlook remains lower after extending its corrective weakness on Tuesday. On the downside, support comes in at the 1,130.00 level where a break will aim at the 1,110.00 level. A cut through here will open the door for move lower towards the 1,100.00 level. Below here if seen could trigger further downside pressure towards the 1,080.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 1,150.00 level where a break will aim at the 1,170.000 followed by the 1,200.00 level. A violation of here will turn attention to the 1,220.00 level. All in all, GOLD remains biased to the downside short term.
GOLD: GOLD took back almost all of its previous week losses the past week to close lower on Friday. This development leaves risk lower with more weakness envisaged. However, a recovery in the new week may occur. On the downside, support comes in at the 1,115.00 level where a break will aim at the 1,100.00 level. A cut through here will open the door for move lower towards the 1,080.00 level. Below here if seen could trigger further downside pressure towards the 1,060.00 level. On the upside, resistance resides at the 1,150.00 level where a break will aim at the 1,170.000 followed by the 1,200.00 level. A violation of here will turn attention to the 1,220.00 level. All in all, GOLD remains biased to the downside short term.
GOLD: Halts Recovery, Vulnerable Below 1,147/50 Zone
GOLD: GOLD looks to has capped its recovery strength at 1,147.87 level following the formation of a rejection candle on Tuesday. This price action suggests bear pressure could be developing. On the downside, support comes in at the 1,120.00 level where a break will aim at the 1,110.00 level. A cut through here will open the door for move lower towards the 1,100.00 level. Below here if seen could trigger further downside pressure towards the 1,080.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 1,150.00 level where a break will aim at the 1,170.000 followed by the 1,200.00 level. A violation of here will turn attention to the 1,220.00 level. All in all, GOLD remains biased to the downside in the short term.
GOLD Remains Vulnerable, Sets Up To Resume Short Term Weakness
GOLD: GOLD remains vulnerable to the downside and looks to trigger more weakness although hesitating on Tuesday. On the downside, support comes in at the 1,110.00 level where a break will aim at the 1,100.00 level. A cut through here will open the door for move lower towards the 1,090.00 level. Below here if seen could trigger further downside pressure towards the 1,080.00 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 1,135.00 level where a break will aim at the 1,150.000 followed by the 1,170.00 level. A violation of here will turn attention to the 1,190.00 level. All in all, GOLD remains biased to the downside in the short term.
GOLD: Outlook for GOLD remains lower while the commodity holds and trades below the 1191.53 zone, its key resistance. On the downside, support comes in at the 1155.00 level where a break will turn attention to the 1140.00 level. Further down, a cut through here will open the door for a move lower towards the 1130.00 level. Below here if seen could trigger further downside pressure targeting the 1115.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1190.00 level where a break will aim at the 1200.00 level. A turn above there will expose the 1215.00 level. A violation of here will turn attention to the 1230.00 level. All in all, GOLD remains biased to the downside on pullbacks
GOLD: The commodity remains in consolidation mode but faces upside risk. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,210.00 level. Further down, a cut through here will open the door for a move lower towards the 1,200.00 level. Below here if seen could trigger further downside pressure targeting the 1,190.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,230.00 level where a break will aim at the 1,240.00 level. A turn above there will expose the 1250.00 level. Further out, resistance stands at the 1,260.00 level. All in all, GOLD looks to consolidate further as it looks for clear directional moves.
CRUDE OIL: With the commodity holding on to its upside offensive, more strength is envisaged. On the downside, support resides at the 39.00 level where a break will expose the 38.00 level. A cut through here will set the stage for a run at the 37.00 level. Further down, support resides at the 36.00 level. On the upside, resistance resides at the 41.00 level. Further out, resistance comes in at the 42.00 level. A break above here will aim at the 43.00 level and then the 44.00 level followed by the 45.00 level. Its daily RSI is bullish and pointing higher supporting this view. All in all, CRUDE OIL’s medium term bias remains higher.
GOLD: With the commodity remaining vulnerable to the downside on correction, more weakness is likely. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,200.00 level. Further down, a cut through here will open the door for a move lower towards the 1,210.00 level. Below here if seen could trigger further downside pressure targeting the 1,200.00 level. Conversely, resistance resides at the 1,240.00 level where a break will aim at the 1,250.00 level. A turn above there will expose the 1260.00 level. Further out, resistance stands at the 1,270.00 level. All in all, GOLD looks to weaken further.
GOLD: With the commodity remains weak and vulnerable to the downside following its rejection candle print the past week, further weakness is likely. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,210.00 level. Further down, a cut through here will open the door for a move lower towards the 1,200.00 level. Below here if seen could trigger further downside pressure targeting the 1,190.00 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,240.00 level where a break will aim at the 1,250.00 level. A turn above there will expose the 1,260.00 level. Further out, resistance stands at the 1,270.00 level. All in all, GOLD looks to weaken further.
CRUDE OIL: With Having the commodity reversed some its downside pressure on Tuesday, a move higher is envisaged but with caution. On the downside, support resides at the 44.00 level where a break will expose the 43.00 level. A cut through here will set the stage for a run at the 42.00 level. Further down, support resides at the 41.00 level. On the upside, resistance resides at the 45.00 level. Further out, resistance comes in at the 46.00 level. A break above here will aim at the 47.00 level and then the 48.00 level followed by the 49.00 level. All in all, CRUDE OIL’s medium term bias remains higher
GOLD: Halts Weakness, Targets Further Bull Pressure
GOLD: The commodity has halted its weakness and triggered a bull pressure. On the downside, support comes in at the 1,270.00 level where a break will turn attention to the 1,260.00 level. Further down, a cut through here will open the door for a move lower towards the 1,250.00 level. Below here if seen could trigger further downside pressure targeting the 1,240.00 level. Conversely, resistance resides at the 1,285.00 level where a break will aim at the 1,300.00 level. A turn above there will expose the 1,310.00 level. Further out, resistance stands at the 1,320.00 level. All in all, GOLD looks to weaken further correction.
GOLD: Though vulnerable to the downside on correction, the commodity is now looking for directional bias on the daily chart. On the downside, support comes in at the 1,260.00 level where a break will turn attention to the 1,250.00 level. Further down, a cut through here will open the door for a move lower towards the 1,240.00 level. Below here if seen could trigger further downside pressure targeting the 1,230.00 level. Conversely, resistance resides at the 1,275.00 level where a break will aim at the 1,280.00 level. A turn above there will expose the 1,290.00 level. Further out, resistance stands at the 1,300.00 level. All in all, GOLD looks to weaken further correction.
GOLD: Having lost its upside momentum to close on a rejection candle on Monday, further weakness is envisaged. On the downside, support comes in at the 1,265.00 level where a break will turn attention to the 1,260.00 level. Further down, a cut through here will open the door for a move lower towards the 1,250.00 level. Below here if seen could trigger further downside pressure targeting the 1,240.00 level. Conversely, resistance resides at the 1,280.00 level where a break will aim at the 1,290.00 level. A turn above there will expose the 1,300.00 level. Further out, resistance stands at the 1,310.00 level. All in all, GOLD looks to weaken further correction.
CRUDE OIL: The pair continues to hold on to its downside pressure following a lower close the past week. On the downside, support resides at the 43.00 level where a break will expose the 42.00 level. A cut through here will set the stage for a run at the 41.00 level. Further down, support resides at the 40.00 level. On the upside, resistance resides at the 44.00 level. Further out, resistance comes in at the 45.00 level. A break above here will aim at the 51.00 level and then the 46.00 level followed by the 47.00 level. All in all, CRUDE OIL remains biased to the downside medium term.
GOLD: Outlook Remains Higher With Eyes On 1,280.00 Zone
GOLD: Having the commodity continued to recover higher, more strength is likely. As long as it trades and holds above the 1,246.24 zone, we think it should head higher. On the downside, support comes in at the 1,260.00 level where a break will turn attention to the 1,250.00 level. Further down, a cut through here will open the door for a move lower towards the 1,240.00 level. Below here if seen could trigger further downside pressure targeting the 1,230.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, resistance resides at the 1,280.00 level where a break will aim at the 1,290.00 level. A turn above there will expose the 1,300.00 level. Further out, resistance stands at the 1,310.00 level. All in all, GOLD looks to recover higher on correction.
