Gold/Oil Pivot Point Levles (2015.11.03)

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Gold spot Intraday: further advance.

Pivot: 1129

Most Likely Scenario: Long @ 1137.44 with targets @ 1143 & 1150 in extension.

Alternative scenario: Below 1129 look for further downside with 1125 & 1121 as targets.

Comment: Gold broke above the upper boundary of a declining channel, which confirms a positive view.

Gold Chart

Crude Oil (WTI) (Z5) Intraday: bullish bias above 45.56.

Pivot: 45.56

Most Likely Scenario: Long positions above 45.56 with targets @ 47 & 47.6 in extension.

Alternative scenario: Below 45.56 look for further downside with 45.16 & 44.3 as targets.

Comment: A support base at 45.56 has formed and has allowed for a temporary stabilisation.

Oil Chart