Gold and Oil Pivot Point

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Gold and Oil Pivot Point

Gold spot Intraday: bullish bias above 1185.

Pivot: 1185

Most Likely Scenario: Long positions above 1185 with targets @ 1200.8 & 1209.6 in extension.

Alternative scenario: Below 1185 look for further downside with 1178.5 & 1169 as targets.

Comment: A support base at 1185 has formed and has allowed for a temporary stabilisation.

Gold spot Intraday: bullish bias above 1185.

Gold Chart

Crude Oil (WTI) (K5) Intraday: supported by a rising trend line.

Pivot: 46

Most Likely Scenario: Long positions above 46 with targets @ 48.6 & 49.5 in extension.

Alternative scenario: Below 46 look for further downside with 44.8 & 44 as targets.

Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Oil Chart

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