Crude oil

Short term outlook in crude oil will remain bearish as long as key resistance of 50.50 holds. Medium term down trend is likely still in progress and further decline could be seen towards 25 support. However, a break above 50. level will be taken as an important alert that a short term bottom is at least formed. Strong rebound should be seen in such case.

In the bigger picture, failure to sustain above 50 resistance dampens the case that a medium term bottom is formed at 35. With medium term trend line resistance intact, there is no confirmation of completion of the down trend neither. Break of 35 indicates that such down trend from 147 has resumed for lower end of the current medium term support zone at 25.04.

On the upside, however, a break above 5050 will firstly indicate that rise from 34.98 has resumed. Strong rally should be seen in such case which should take out the mentioned trend line resistance with ease and should target 90.50 medium term support turned resistance (50% retracement of 147 to 25at 91)

Gold

No change in Gold's outlook so far. With daily MACD staying well below signal line, we're favoring the case that corrective rise from 681 has completed at 892 level. Below 801.50 will indicate that fall from 892 has resumed for 741 support first. Break will confirm this case and bring retest of 681 low. On the upside, however, a break above 869 resistance will dampen this view and argues that fall from 892 is merely a pull back. Further rally could then be seen to this 892 high or above.

In the bigger picture, recent development dampens the short term bullish case. As rise from 681 was limited below mentioned 936 resistance, whole consolidation from 1034 might still be in progress. Below 741 will bring deeper fall to 681 and below to complete this consolidation. On the upside, though, as mentioned before, break of 936 resistance will confirm that such consolidation from 1034 has completed and should then bring retest of this high.