Nymex Crude Oil 

Crude oil's rebound continues today and reaches as high as 45.10 so far. But still, with 50.47 resistance remains intact, short term outlook is still bearish. Break of 40.24 minor support will indicate that current recovery has completed and flip intraday bias back to the downside. However, considering bullish convergence conditions in daily MACD, break of 50.47 will indicate that a short term bottom is at least formed and bring strong rally.

In the bigger picture, failure to sustain above 50.05 resistance dampens the case that a medium term bottom is formed at 34.98. With medium term trend line resistance intact, there is no confirmation of completion of the down trend neither. Break of 34.98 indicates that such down trend from 147.27 has resumed for lower end of the current medium term support zone at 25.04.

Comex Gold  With 4 hours MACD crossed below signal line, an intraday top should be in place. The bearish case remains intact for the moment as Gold is still holding below mentioned 869.30 support. Below 823.6 minor support will flip intraday bias back to the downside. Break of 801.5 support will indicate that fall from 892 has resumed for 741.2 support first. On the upside, however, break of 869.30 will dampen the bearish case and indicate that fall from 892 is merely a pull back in the rise from 681. In such case, retest of 892 should at least be seen. In the bigger picture, recent development dampens the short term bullish case. As rise from 681 was limited below mentioned 936.3 resistance, whole consolidation from 1033.9 might still be in progress. Below 741.2 will bring deeper fall to 681 and below to complete this consolidation. On the upside, though, as mentioned before, break of 936.3 resistance will confirm that such consolidation from 1033.9 has completed and should then bring retest of this high.