| Gold & Crude Oil: The Weekly Technical Outlook
$GLD, $USO, $OIL COMEX Gold The rally in Gold resumed last week by taking out the resistance at 1263.9. An extension of the Gold price rally is expected this week with a move toward the 61.8% Fibo projection of 1045.4 to 1263.9 from 1225.1 at 1360.1. A clear break of support at 1225.1 is needed to indicate a near term topping. Baring that, my outlook remains Bullish in case of a retreat. The big picture The rebound from the medium term low at 1045.4 is still in progress and should extend North. Technically not treating at move as a trend reversal just yet. Instead, price actions from 1045.4 is seen as developing into a sideway consolidative pattern. So, expecting strong resistance from 38.2% fibo retracement of 1923.7 to 1045.4 at 1380.9 to limit the Northside and bring on a near term reversal. The long term picture Current development indicates that Gold would consolidate above 1045.4, the medium term bottom in here. Still see the fall from 1923.7 as a long term correction. And, see a possible decline into 681/1033.9 support zone, with 61.8% Fibo retracement of 253.2 to 1923.7 at 891.3 inside. But, a clear break of Fibo mark 1380.9 will indicate that Gold price actions from 1923.7 are developing into a sideway pattern. COMEX Gold Continuous Contract Daily
COMEX Gold Monthly Continuous Contract
WTI Crude Oil
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