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Gold -Oil Technical Analysis

Gold spot Intraday: under pressure.

Pivot: 1208

Most Likely Scenario: Short @ 1199.4 with targets @ 1190.5 & 1185 in extension.

Alternative scenario: Above 1208 look for further upside with 1213 & 1220 as targets.

Comment: As long as 1208 is resistance, likely decline to 1190.5.

Gold Chart

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Crude Oil (WTI) (K5) Intraday: bullish bias above 49.5.

Pivot: 49.5

Most Likely Scenario: Long positions above 49.5 with targets @ 52.5 & 53.5 in extension.

Alternative scenario: Below 49.5 look for further downside with 48.2 & 47 as targets.

Comment: A support base at 49.5 has formed and has allowed for a temporary stabilisation.

Oil Chart

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Source : Fxpro Forex Broker

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