Crude successfully breached the key support for the ascending channel yesterday as it continued to maintain trading around the minor support level at 60.95 as trading remains within a triangle. We still believe crude is to decline on the intraday basis to correct towards 60.20 before rebounding back to the upside to return within the short term ascending channel to target 62.25. The 58.90 level must remain intact for crude to incline where a breach of this level to the downside will take oil down to 56.80 on the intraday basis.
The trading range for today is among the key support at 56.80 and the key resistance at 64.75
The general trend is to the upsideas far as 47.20 remains intact with targets at 73.00
Support: 60.20, 59.50, 58.90, 58.35, 57.50
Resistance: 61.25, 61.75, 62.25, 63.00, 63.80
Recommendation: According to our analysis, buy crude above 60.20 with targets at 61.40 and stop loss with four hour closing below 59.50
Gold continues to trade within an ascending channel as seen in the above four hour chats yet at the same time we see the metal failed to maintain trading above the 138.2% Fibonacci expansion at 955.60 as the ADX indicator is adjusting to the downside with the DI- trending above the DI+ alongside being overbought on the RSI indicator which makes us believe that the metal will decline today and continue as far as 959.00 remains intact.
The trading range for today is among the key support at 930.00 and the key resistance at 984.00
The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00
Support: 952.00, 947.00, 942.00, 935.00, 930.00
Resistance: 956.00, 959.00, 965.00, 968.00, 974.00
Recommendation: According to our analysis, sell gold at 955.00 with targets at 942.00 and stop loss at 968.00
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