GOLD Spot

Gold eases of last Friday’s marginally fresh high at 1676.90, vs Thursday’s one at 1674.70, holding above initial hourly supports at 1666, 55 day EMA and 1662.50, higher platform, for now. Negative hourly studies along with 4h chart overextended conditions, see potential for stronger corrective action. Break below 1662, reinforced by 4h 20 EMA, would indicate further easing with strong support zone located at 1640 zone, where previous range top and 200 day MA / Fib 38.2% of 1590.00/1676.90 / 4h 55 day EMA should contain any stronger dips. Overall bullish picture keeps the upside favored, with 1690/1700 zone seen in short-term focus, however toppish daily studies do not rule out pause in strong rally from last week.

Res: 1671, 1675, 1676, 1690
Sup: 1662, 1656, 1651, 1643

SILVER Spot

Silver corrects the recent gains that resulted in a break above psychological 31.00 barrier and posted fresh four-month high at 31.24. Break and weekly close above 200 day MA, keeps the upside in focus, with 31.79, 50% of larger 37.48/27.11 downmove, seen as next target. However, hourly MACD bearish divergence and studies on 4h chart being deeply in overbought zone, suggest that corrective action may precede fresh rally. Shallow dip has so far found footstep at 30.68, with next significant supports at 30.20/00 zone and pivotal 29.50/40 zone.

Res: 31.00, 31.24, 31.50, 31.79
Sup: 30.68, 30.20, 30.00, 29.50

CRUDE OIL (Oct)

The oil erased gains from last Friday, filling the overnight gap as the price plunges $3 on hurricane Isaac’s downgrade and SPR related rumors. The upside is seen sidelined in a near-term action, as failure swing on 4h chart and loss of 200 day MA at 96.72 and higher platform at 95.30, as well as slide below figure support at 95.00, now sees potential of further weakening, with initial support at 94.40 being cracked, ahead of 94.00, also Fib 38.2% of 86.91/98.04 ascend. Initial resistance lies at 95.30, reinforced by 55 day EMA, ahead of 96.00 zone, regain of which to ease near-term bear-pressure.

Res: 95.00, 95.30, 95.67, 96.00
Sup: 94.40, 94.00, 93.50, 93.00