Gold and Oil Pivot Point (2015.08.12)

[text]

Gold and Oil Pivot Point (2015.08.12)

Source: FxPro Forex Broker (Review and Forex Rebate)

Gold spot Intraday: supported by a rising trend line.

Pivot: 1101

Most Likely Scenario: Long positions above 1101 with targets @ 1126.5 & 1135 in extension.

Alternative scenario: Below 1101 look for further downside with 1093.7 & 1083.5 as targets.

Comment: The RSI is mixed to bullish.

Gold chart

Pivot: 44.4

Most Likely Scenario: Short positions below 44.4 with targets @ 42.5 & 41.9 in extension.

Alternative scenario: Above 44.4 look for further upside with 45.15 & 46.55 as targets.

Comment: As long as 44.4 is resistance, likely decline to 42.5.

Oil Chart

[/text]