Near-term negative sentiment, established on repeated failure under psychological 1800 barrier has gained pace on break below initial 1770/63 supports and violation of one-month range floor at 1750 zone, as losses reached 1741 so far. Immediate downside targets lie at 1736, 26 Sep low, and more significant 1717, 13 Sep low / Fib 38.2% of 1590/1795 upleg, break of which to confirm top at 1795 and open way for further correction. Bounce on oversold hourly conditions, with 1755, previous support / near 50% of 1795/1741 downleg / 55 day EMA, expected to cap.

Res: 1749, 1755, 1761, 1773
Sup: 1741, 1736, 1717, 1708

SILVER Spot

Silver’s near-term price actions maintains bearish tone, as series of lower tops of 35.36, 01 Oct high and break below near-term range floor at 33.30 zone, shifts near-term focus lower and signals stronger corrective action. With psychological support at 33.00 being tested so far and brief consolidation on oversold hourly studies, expected to precede fresh extension lower that focuses 32.36, Fib 38.2% of 27.50/35.36 upleg. Previous supports at 33.30/50, also Fib 23.6% / 38.2%, offer initial resistance, while only regain of 34.00 handle would delay bears.

Res: 33.30, 33.50, 33.67, 33.83
Sup: 33.01, 32.67, 32.46, 32.36

CRUDE OIL (Nov)

Near-term price action remains congested under 93.00 barrier, following unsuccessful attempt towards pivotal 93.80/94.20 resistance zone. Penetration of initial 91.00, triangle support that reached 50% of 88.20/93.64upleg, sees increased risk of further weakening, as near-term studies are losing momentum. Fibonacci 61.8% and 09 Oct high at 90.30, is seen as next target, ahead of figure support at 90.00. On the upside, regain of 93.00 would improve near-term structure, however, break above recent congestion tops at 93.64/83, would shift near-term focus higher.

Res: 92.00, 92.61, 92.91, 93.30
Sup: 91.02, 90.86, 90.27, 90.00