Oil declined according to our expectation after breaching the support line of the bearish pattern at 47.05 reaching the full targets at 44.40 and tried to breach the support line of the ascending channel but the 4h close shows that the break out is unconfirmed that will take the price again inside the ascending channel. Hence we expect an upward recovery to cover the gap started at 45.75-46.00 as far as 43.85 and a clear 4h close above 44.60 otherwise the downside actions will continue towards 43.05 and 42.05.
The trading range for today is among the key support at 39.70 and the key resistance at 51.15.
The general trend is to the downside as far as 52.00 remains intact with targets at 30.00 and 25.90
Support: 43.85, 43.50, 42.85, 42.05, 41.45
Resistance: 44.60, 45.15, 45.75, 46.00, 46.80
Recommendation: According to our analysis, we believe that it's good to buy with hourly close above 44.60 with targets at 45.75 and stop loss with a four hour close below 43.85.
Gold is still moving positively affected by the successful break out which occurred to the upper line of the short term descending channel and also the successful Tenken-sen overlapping above Kijun-sen that helped the price to enter the cloud of Ichimoku indicator confirming that the impulsive wave has already obtained enough power. Hence more upside rally is highly anticipated on the intraday basis as far as 907.00 remains unbroken with a first target around 935.00 followed by 945.00 areas. The trading range for today is among the key support now at 896.00 and key resistance now at 974.00 level. The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00
Support: 920.00, 916.00, 912.00, 907.00, 900.00
Resistance: 930.00, 935.00, 945.00, 956.00, 963.00
Recommendation: According to our analysis, we believe that it is good to buy gold at 925.00 with targets at 945.00 and stop loss at 910.00.
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