Gold and WTI Crude Oil Technical’s (Daily)
Gold: Spot Gold’s decline extended Tuesday falling to 1,330.30 to, its lowest since 1 July. Investors continued exiting the safe haven asset for stocks, although the decline has been moderate, considering the risks around Europe.
The pullback from the year high of 1,375.11 has found some buying interest around the 23.6% Fibo retracement of the latest Bullish run between 1,199.51, 30 May low, and last week highs, although technical readings point for further slides, as in the daily, indicators head sharply lower, coming from overbought levels, and are poised now to break below their mid-lines.
The 20-Day SMA in the mentioned time frame stands at 1,327.60, providing immediate support.
In the 4 hours, the price is now a few cents below the neckline of a clear double top set at the mentioned year high, at 1,335.15, and the 20-Day SMA gained Bearish strength above the current level, and the technical indicators maintain their sharp Bearish slopes near oversold, in line with further slides Wednesday.
Support marks: 1,327.60 1,318.40 1,310.10
Resistance marks: 1,335.15 1,345.90 1,357.20
WTI Crude Oil: Crude Oil after falling to a fresh 2 month low of 44.40 bbl Monday, WTI Crude Oil futures recovered over 2.00, on renewed concerns over worldwide supply, after ISIS blew up 5 Oil wells near the Qayyrah refining complex in the province of Nineveh, in Iraq.
Ahead of the release of US stockpiles, the commodity advanced also on bargain hunting, as the 45.00 region seems to have become the lower end of Oil’s comfort zone.
Technically, the daily shows that the price recovered well above its 100-Day MA, but that the 20-Day MA keeps heading lower around 47.80, as the technical indicators have recovered their Bullish slopes, but are within negative territory.
In the 4 hours, the price is now well above its 20-Day SMA, the technical indicators have partially lost upward strength, but remain within positive territory, suggesting the commodity may recover further after a brief period of consolidation.
Support marks: 45.70 45.00 44.40
Resistance marks: 47.10 47.80 48.50