0il is still declining, pressuring the minor support levels. It's approaching 38.2% Fibonacci levels around 70.90 which represents the neckline of a classical bearish pattern, targeting 69.40 as a first target, followed by 68.60 inside the upward channel appearing on the above four-hour chart. Hence we expect a downside movement on the intraday basis towards 67.40 after 69.45 is breached .72.25 should hold to protect this scenario.
The trading range for today is among the key support at 67.40 and the key resistance at 74.20.
The general trend is to the upside as far as 47.20 remains intact with targets at $76.25 a barrel.
Support: 70.90, 70.25, 69.45, 68.60, 67.55
Resistance: 71.75, 72.40, 73.45, 74.20, 74.70
Recommendation: According to our analysis, sell the contract below 70.90 with targets at 69.45 and stop loss with a four-hour close above 71.75.
Gold has closed negatively the past Friday , forming a classical [head and shoulders top] pattern as seen on the above four-hour chart. Now, a very slight upside movement is anticipated towards 942.00 zones where the metal needs to re-test the neckline of the pattern. This action is also supported by RSI-RVI combination signal, but it will be followed by a bearish trend towards the technical target of the pattern at [900.00-896.00] areas on the short term basis. Ribbons-EMA10-80- overlapping protects this negative scenario.
The trading range for today is among the key support now at 912.00 and key resistance now at 966.00.
The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.
Support: 934.00, 930.00, 925.00, 922.00, 916.00
Resistance: 942.00, 948.00, 955.00, 963.00, 966.00
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