Gold and Oil News (2015.08.17)

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Gold and Oil News (2015.08.17)

Source: Fxpro Forex Broker ( Forex Rebates and Review)

Gold spot Intraday: bullish bias above 1112.

Pivot: 1112

Most Likely Scenario: Long positions above 1112 with targets @ 1121 & 1127 in extension.

Alternative scenario: Below 1112 look for further downside with 1102 & 1093.7 as targets.

Comment: A support base at 1112 has formed and has allowed for a temporary stabilisation.

Gold Chart

Crude Oil (WTI) (U5) Intraday: capped by a negative trend line.

Pivot: 43

Most Likely Scenario: Short positions below 43 with targets @ 41.33 & 40.9 in extension.

Alternative scenario: Above 43 look for further upside with 43.85 & 44.4 as targets.

Comment: As long as 43 is resistance, likely decline to 41.33.

Oil chart

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