Nymex crude oil

No change in Crude oil's outlook. Short term outlook remains bearish as long as 50.47 resistance holds. While current consolidation might continue, another fall is still expected to be seen towards next key support at 25.04. Though, a break above 50.05/47 resistance zone will be a strong signal that medium term fall has completed on bullish convergence conditions in daily MACD and should then bring strong rebound.

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.

Gold

Gold turns sideway after rise from 801.5 is limited below 869.30 resistance. Though, further rise could still be seen and focus remains on 869.30. Break 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. On the downside, though, below 823.6 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.

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.