TechnoMeter

• "The pressure in Oil seems to be unrelenting. On Friday, the market got wind of the Baker Hughes rig count that jumped by 17 (meaning more production in an oversupplied market), and prices dropped yet again. The trend is definitively lower, but traders without exposure in the market may want to keep an eye on a few signs that a short-term bottom could be forming, at least for US Oil. While we often discuss the US benchmark for Oil, West Texas Intermediate Crude, the international benchmark for Oil recently broke below its 2008 low. The December 2008 low for Brent Oil was $36.20, and this week’s low was $36.05, $0.15 below the 2008 low."
• "Turning to the price of US Oil, you can see we have seemed to find a sticking point north of $33.50/bbl, the 2009 low. Just below there is the December 2008 low at $32.40. We will continue to focus on this price zone as support. However, there are other technical forces that may act as support for testing those levels."
• "First, you will notice that two key points are converging on two Andrew’s Pitchforks drawn off prior key pivots. The Red Pitchfork is drawn over a longer time-frame whereas the Black Pitchfork is more precise because the span of points is tighter and covers a smaller range. However, the median line of the shorter-term Pitchfork has aligned with, the lower parallel line of the longer term pitchfork at a point that additionally aligns with a Fibonacci 1.272% extension. This bounce off support is by no means enough to call a bottom in Oil, but rather a potential relieve rally back to the August 24th low & December 15th high of $37.73-$37.86/bbl. End of year seasonal tendencies favors US Dollar weakness, which may support Oil further."
• "Lastly, you can see RSI (5) pushing on trendline resistance. A break higher could further show a relief rally is underway. Momentum has stalled to the downside, even as price pushed further down, which can indicate some reversal on the horizon. If RSI(5) does unwind, and a move higher develops, it would be worth keeping an eye on the resistance levels of the December 15th high, and move our sights to the $40.00/bbl level where we recently accelerated lower on December 7th. A break of $40.00 on a closing basis would be the first decent signal of a more significant turn, which aligns with an Elliott Wave count we have been tracking, that could see us test upper $50s in Q1 2015."

Daily price for Gold (XAU/USD) is on primary bearish market condition for the breaking 36.29 and 35.93 support level for the bearish trend to be continuing. The price was on the bearish breakdown since the beginning of November this year by breaking Ichimoku cloud from above to below together with 46.45/42.18 key levels. Price was stopped by 36.29/35.93 support levels to start with the secondary ranging within the levels.

If the price breaks 35.93 support level so the primary bearish will be continuing.
If the price breaks 39.68 resistance level so we may see the local uptrend as the secondary market rally within the primary bearish market condition.
If the price breaks 46.45 resistance level so the price will be started to be reversed from the primary bearish to the primary bullish condition with the secondary ranging.
If not so the price will be ranging within the levels.

• Recommendation for long: watch close the price to break 30.68 for possible buy trade
• Recommendation to go short: watch the price to break 35.93 support level for possible sell trade
• Trading Summary: bearish

Resistance	Support
39.68	36.29
46.45	35.93

SUMMARY : bearish

TREND : ranging