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Gold and Oil Technical Analysis

Oil

Crude Oil (NYMEX) (H5) Intraday: under pressure.

Pivot: 47.7

Most Likely Scenario: Short positions below 47.7 with targets @ 45.6 & 44.75 in extension.

Alternative scenario: Above 47.7 look for further upside with 48.25 & 49.2 as targets.

Comment: As long as 47.7 is resistance, likely decline to 45.6.

Oil Chart

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Gold spot Intraday: further advance.

Pivot: 1284

Most Likely Scenario: Long positions above 1284 with targets @ 1310 & 1317 in extension.

Alternative scenario: Below 1284 look for further downside with 1271.8 & 1264 as targets.

Comment: The RSI is well directed.

Gold Chart

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