Gold and Oil Pivot Points (2016.01.19)

Gold and Oil Pivot Points (2016.01.19)

Source: FxPro Forex Broker(Review and Forex Rebates Up to 85%)

Gold spot Intraday: bullish bias above 1085.
Pivot: 1085

Most Likely Scenario: long positions above 1085 with targets @ 1097 & 1106 in extension.

Alternative scenario: below 1085 look for further downside with 1080 & 1076 as targets.

Comment: the RSI is mixed with a bullish bias.

Gold Chart

Crude Oil (WTI) (G6) Intraday: key resistance at 30.

Pivot: 30

Most Likely Scenario: short positions below 30 with targets @ 28.35 & 28 in extension.

Alternative scenario: above 30 look for further upside with 30.75 & 31.6 as targets.

Comment: as long as 30 is resistance, look for choppy price action with a bearish bias.

Oil Chart