Gold and Oil Analysis (2015.02.17)
Gold spot Intraday: break of a ST rising trendline support.
Most Likely Scenario: Short positions below 1230 with targets @ 1220 & 1216.5 in extension.
Alternative scenario: Above 1230 look for further upside with 1234 & 1237 as targets.
Comment: As long as 1230 is resistance, likely decline to 1220.
Crude Oil (NYMEX) (H5) Intraday: supported by a rising trend line.
Most Likely Scenario: Long positions above 52.1 with targets @ 54 & 55.55 in extension.
Alternative scenario: Below 52.1 look for further downside with 51 & 49.65 as targets.
Comment: The RSI is bullish and calls for further upside.