GOLD Spot

Gold’s basing attempt above 1684/85 lows is losing traction, as gains were capped at 1702, Fib 38.2% of 1731/1684 descend and fresh slide below 1700, keeps the upside protected for now. Break above 1705, previous lows and 1713, Fib 61.8% is required to confirm double-bottom and open way for stronger recovery, otherwise, risk of re-testing 1685/84 and possible extension towards key support at 1672, 05 Nov low / Fib 61.8% expansion of wave from 1752, exists in the near-term.

Res: 1702, 1705, 1710, 1713
Sup: 1687, 1684, 1672, 1661

SILVER Spot

Near-term price action above 32.50 lows moves in a sideways mode, as recovery attempts remain capped by initial barrier at 33.20, previous high of 05 Dec and Fib 38.2% of 34.39/32.50 descend. However, hourly structure is leaned towards the downside, as studies are losing initial momentum and bears coming in play as the price moves below 33.00 handle. With 4h indicators holding in the negative territory and pointing lower, larger picture bears remain in play and keep focus at 32.50 double-bottom, also double-Fibonacci support, 50% retracement of 30.65/34.39 and Fib 38.2% expansion of downleg from 34.39. Conversely, lift above 33.20 would signal further corrective action and expose 33.50 next.

Res: 33.00, 33.14, 33.22, 33.50
Sup: 32.85, 32.59, 32.50, 32.22

CRUDE OIL (Jan 13)

Bears are fully in play, as recovery rally was capped by bull channel resistance at 90.31 and subsequent fall through important supports at 87.60, previous lows and 87.20 / 86.44, 50% / 61.8% of 84.05/90.31 ascend, shifts near-term focus towards the downside. With channel support at 85.88 being cracked, Fibonacci support of 76.4% at 85.53 and 28 Nov low at 85.35, come in focus. Negative tone is supported by brief recovery failure at 86.63 and bearish momentum building up that keeps 84.00 base at risk

Res: 86.63, 87.00, 87.20, 87.47
Sup: 86.00, 85.93, 85.67, 85.53