Oil and Gold News (2016.01.22)

Oil and Gold News (2016.01.22)

Source: Fxpro Forex Broker (Review and Forex Rebates Up to 85%)

Gold spot Intraday: bullish bias above 1093.5.

Pivot: 1093.5

Most Likely Scenario: long positions above 1093.5 with targets @ 1106 & 1110 in extension.

Alternative scenario: below 1093.5 look for further downside with 1090.5 & 1086 as targets.

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

Gold Chart

Crude Oil (WTI) (H6) Intraday: further advance.

Pivot: 29

Most Likely Scenario: long positions above 29 with targets @ 31.2 & 32 in extension.

Alternative scenario: below 29 look for further downside with 28.4 & 27.6 as targets.

Comment: the RSI is bullish and calls for further advance.

Oil Chart