Oil and Gold Analysis (Pivot Point)
Gold spot Intraday: bullish bias above 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.
Crude Oil (NYMEX) (H5) Intraday: key resistance at 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.