Oil is still inclining steadily towards the projected target of 73.00 accompanied by overbought signs appearing on the momentum indicators. We see that a downside movement will occur from these mentioned areas and will be expected to reach 70.80 before resuming the normal actions towards 66.40 inside the initial channel. Note that 73.00 should hold to protect this bearishness.
The trading range for today is among the key support at 68.60 and the key resistance at 76.15.
The general trend is to the upside as far as 47.20 remains intact with targets at $73.00 a barrel.
Support: 71.60, 71.10, 70.25, 69.70, 69.10
Resistance: 73.00, 73.95, 74.70, 75.95, 76.95
Recommendation: According to our analysis, sell the contract below 73.00 with targets at 70.80 and stop loss with a four-hour closing above 73.95.
GOLD
According to our captured short term Elliott sequence; we see that the fifth wave might have started around 941.00 zones as it succeeded to place the first internal wave at 964.00 and the correction reached 76.4% Fibonacci at 946.00 marking the second internal wave. Therefore, we think that the third internal wave is in progress. Note that if our count is correct, then 941.00 should hold to protect the anticipated impulsive upside action.
The trading range for today is among the key support now at 925.00 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: 952.00, 945.00, 940.00, 935.00, 925.00
Resistance: 963.00, 973.00, 984.00, 992.00, 996.00
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