Crude Oil and Gold Analysis (2014)
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.
Gold spot Intraday: the downside prevails.
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.