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Crude Oil and Gold Analysis (2014)

Pivot: 54.3

Crude Oil (NYMEX) (G5) Intraday: bullish bias above 54.3.

Most Likely Scenario: Long positions above 54.3 with targets @ 58.5 & 59.3 in extension.

Alternative scenario: Below 54.3 look for further downside with 52.5 & 50 as targets.

Comment: A support base at 54.3 has formed and has allowed for a temporary stabilisation.

Oil Chart

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Gold spot Intraday: the downside prevails.

Pivot: 1185

Most Likely Scenario: Short positions below 1185 with targets @ 1170 & 1156 in extension.

Alternative scenario: Above 1185 look for further upside with 1192 & 1200 as targets.

Comment: As long as 1185 is resistance, look for choppy price action with a bearish bias.

Gold Chart

Gold

 

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