The near-term downside pressure becomes more evident, as gold breaks below 1770 and 1763 support, with fresh extension to 1760 so far, retracing 61.8% of 1736/1795 upleg. Consolidative phase above 1760 remains capped under pivotal 1770 barrier that marks half of 1779/1760 descend and bear-trendline off 1795.70, yearly peak. As near-term studies maintain negative tone, focus is shifted towards 1750, range floor, break of which to risk full retracement of 1736/1795 rally. On the upside, lift above 1770 would sideline bears.

Res: 1765, 1770, 1780, 1785
Sup: 1760, 1755, 1750, 1736

SILVER Spot

Near-term price action moves in a narrow range consolidative mode, following yesterday’s dip to 33.52, near Fib 61.8% of 32.46/35.36 upleg. As psychological barrier at 34.00 remains intact and descending 55 day EMA limits the upside, near-term focus is turned towards the downside targets at 33.52 and 33.32, loss of which to expose figure support at 33.00, next, with near-term indicators in the negative territory, being supportive for fresh weakness. Alternative scenario required break above 34.00/20, figure resistance / Fib 38.2% of 35.08/33.52 decline / yesterday’s high, to avert immediate downside risk.

Res: 34.06, 34.20, 34.31, 34.50
Sup: 33.63, 33.52, 33.32, 33.00

CRUDE OIL (Nov)

Failure swing developing on reversal off 92.88, yesterday’s peak, requires confirmation on clear break below 91.70, to signal completion of three-legged corrective phase from 87.69 and focus initial target at 90.90, 55 day EMA / Fib 38.2%, with possible extension to 90.30, 50% retracement, seen on a break. Conversely, break above 93.00, to open way for test of a cluster of barriers between 93.30 and 94.00, break of which to confirm larger picture base and sideline bears off 100.72 peak.

Res: 92.00, 92.35, 93.00, 93.30
Sup: 91.56, 90.90, 90.30, 90.00