Gold retraced over 38.2% of 1752/1684 downleg at 1711, denting strong barrier at 1705/10, Fib 38.2% and previous lows, on renewed strength from last Friday’s spike low at 1684. With the latter proved to be solid support, further recovery looks likely, as 4h studies are entering positive territory. Regain of important 1718/22 barriers, 50% / 03 Dec high is required to confirm double-bottom and shift focus towards the next resistances at 1726/31. Previous barriers at 1705/00 now offer initial supports, with 1700, reinforced by 20 day EMA, expected to contain dips and keep near-term bulls in play. Conversely, loss of the latter would revive bears and signal lower top, ahead of possible return to 1684 base.

Res: 1702, 1705, 1710, 1713
Sup: 1705, 1702, 1700, 1687

SILVER Spot

Near-term bulls are returning to play, as Silver’s bounce from 32.50 regains 33.00 handle and cracks range tops and Fib 38.2% of 34.39/32.50 at 33.25. This marks initial basing attempt, as strength is accompanied with fresh momentum, emerging on 4h studies that keeps near-term focus at the upside, with 33.45, 50% retracement, seen next. However, reversal of RSI from overbought zone on hourly chart, may signal consolidative/corrective action, before bulls re-assert, with dips expected to find ground above 33.00.

Res: 33.36, 33.45, 33.67, 33.82
Sup: 33.25, 33.11, 33.00, 32.88

CRUDE OIL (Jan 13)

Oil price consolidates the recent losses off 90.31, 03 Dec high that cracked the channel support below 86.00. Brief consolidation above the latter is seen preceding fresh weakness, as near-term studies maintain negative tone and keep the downside vulnerable. Loss of last week’s low at 85.67 would open 85.35, 28 Nov low and psychological 85.00, with upside being capped at 89.00 zone for now. Only regain of 88.00, 50% of 90.31/85.67, would turn near-term focus higher.

Res: 86.77, 86.77, 87.00, 87.44
Sup: 86.00, 85.77, 85.67, 85.35