Oil reached our suggested targets yesterday at 64.80 and extended further placing a top at 65.40. It's consolidating around the initial resistance of 65.00. A break of which will lead us towards 68.35 followed by the short term target at 73.00. Note that a downside correction is expected for the rally from 59.60 to 63.20, this correction is expected to reach 63.20 before coming back to the major direction as far as 62.05 remains unbroken.
The trading range for today is among the key support at 59.55 and the key resistance at 68.30.
The general trend is to the upside as far as 47.20 remains intact with targets at $73.00 a barrel.
Support: 65.00, 64.05, 63.20, 62.50, 61.80
Resistance: 65.45, 66.10, 67.50, 68.35, 69.15
Recommendation: According to our analysis, sell the contract with the next hourly closing below 65.00 with targets at 64.05 followed by 63.20 and stop loss with a four-hour close below 65.95.
Gold is retesting the upper line of the previous discussed diagonal once more, offering the possibility of placing the fifth wave of the full impulsive wave for a short term Elliott cycle. Now a correction is needed to complete this sequence while it succeeded to form a bearish harmonic butterfly pattern with a potential reversal zone [D] around 966.00 zones. Stochastic and RSI are signaling overbought indications confirming these corrective downside movements on the intraday basis.
The trading range for today is among the key support now at 930.00 and key resistance now at 996.00.
The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.
Support: 960.00, 956.00, 952.00, 945.00, 935.00
Resistance: 966.00, 972.00, 979.00, 985.00, 996.00
Recommendation: According to our analysis, sell gold at 965.00 with targets at 945.00 and stop loss at 980.00.
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