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Oil and Gold Analysis (Pivot Point)

Gold spot Intraday: bullish bias above 1279.

Pivot: 1279

Most Likely Scenario: Long positions above 1279 with targets @ 1317 & 1325 in extension.

Alternative scenario: Below 1279 look for further downside with 1271.8 & 1264 as targets.

Comment: A support base at 1279 has formed and has allowed for a temporary stabilisation.

Gold Chart

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Crude Oil (NYMEX) (H5) Intraday: key resistance at 49.1.

Pivot: 49.1

Most Likely Scenario: Short positions below 49.1 with targets @ 45.6 & 44.75 in extension.

Alternative scenario: Above 49.1 look for further upside with 50.8 & 51.3 as targets.

Comment: As long as 49.1 is resistance, likely decline to 45.6.

Oil Chart

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