The Euro consolidates above the fresh low at 1.3704, posted last Friday, where the fall met its Fibonacci 76.4% expansion of the third wave off 1.3874, 24 Mar lower top. The second consecutive weekly close in red signals further downside, however, formation of Morning Star pattern on the daily chart suggests correction. Today’s close above initial 1.3770 and strong 1.3800 barrier, also Fibonacci 38.2% retracement of 1.3965/1.3704 downleg is required to confirm the pattern formation and allow for stronger bounce towards 1.3846 and pivotal 1.3874 barrier. Hourly studies are neutral, while negative tone prevails on 4-hour chart technicals, keeping the downside vulnerable. Violation of 1.37 handle, also near daily Ichimoku cloud top, to neutralize correction attempts and signal resumption of larger downtrend, with next targets standing at 1.3662/50, Fibonacci 61.8% retracement of 1.3475/1.3965 and 100% expansion of the wave from 1.3874.

Res: 1.3770; 1.3800; 1.3845; 1.3874

Sup: 1.3730; 1.3700; 1.3662; 1.3650

Cable steadies above 1.66 support and consolidates fresh gains that peaked just ahead of pivotal 1.6665 barrier, break of which is required to confirm near-term **** at 1.6464 and complete cup-and-holder pattern, for further retracement of 1.6821/1.6464 pullback. Break higher opens 1.6700/16 hurdles, ahead of trendline resistance at 1.6735, clearance of which to expose key barriers at 1.6784 and 1.6821, 07 Mar / 17 Feb peaks. Positive near-term studies support the notion, however, break of 1.6716/35 hurdles is required to confirm improvement of daily studies for eventual push towards 1.6821 peak.

Res: 1.6657; 1.6665; 1.6700; 1.6716

Sup: 1.6626; 1.6600; 1.6576; 1.6555

The pair eventually broke above near-term congestion tops at 102.67, attempting at psychological 103.00 barrier and 103.15, Fibonacci 76.4% retracement of 103.75/101.19 descend. Positive near-term studies keep the upside in focus, however, bulls may be delayed by overbought hourly conditions, with consolidative action to be ideally contained at previous range tops. Improving daily studies require clear break above 103 handle, also daily Ichimoku cloud top, to confirm bullish resumption towards pivotal resistance at 103.75, 07 Mar peak.

Res: 103.00; 103.15; 103.42; 103.75

Sup: 102.67; 102.46; 102.19; 102.00

The pair maintains positive near-term tone and consolidates under fresh high at 0.9294, posted last Friday. Strong support at 0.9200, Fibonacci 38.2% of 0.9047/0.9294 upleg, stays intact for now, with break here required to confirm formation of daily evening star pattern and trigger stronger pullback towards 0.9170/41, 50% and 61.8% retracement, with the latter being reinforced by 200SMA. Overall positive outlook favors further upside, with initial targets laying at 0.9314, Fibonacci 100% expansion of the third wave from 0.8894 and 0.9336, Fibonacci 61.8% retracement of 0.9755/0.8658 descend.

Res: 0.9300; 0.9314; 0.9336; 0.9400

Sup: 0.9215; 0.9200; 0.9170; 0.9141

Spot Gold remains under pressure, with fresh low at 1285 being posted last Friday and near-term consolidation above the latter under way. Previous strong support, now resistance at 1300, reinforced by 4-hour 20SMA and 200SMA, so far caps upside attempts. Overall negative tone and weekly close below psychological 1300 barrier, favor further downside, with bears to be interrupted by consolidative / corrective phases. Penetration of 1300 is required to confirm corrective action, which is seen ideally capped at 1316 lower platform. Only break here would delay bears for more significant correction. On the downside, 1288/85 offer initial supports, ahead of 1273, 100SMA and 1262, Fibonacci 61.8% retracement of 1182/1392 ascend.

Res: 1300; 1307; 1316; 1320

Sup: 1292; 1288; 1285; 1278

Spot Silver consolidates fresh losses that found temporary support at 19.56 yesterday, with corrective action being so far capped under psychological 20.00 barrier. With hourly studies turning positive, further upside could be expected, as bullish MACD divergence is developing on 4-hour chart that is supporting the notion. However, sustained break above initial 20.00 barrier and lower platform at 20.20 is required to confirm recovery and avert immediate risk of extension towards 19.30/11 and key short-term support and target at 18.99, 30 Jan year-to-date low.

Res: 20.00; 20.20; 20.40; 20.56

Sup: 19.72; 19.56; 19.30; 19.11

The Euro has established positive tone on hourly chart, consolidating 1.3704/1.3807 recovery rally, despite failure to clear important 1.38 barrier, where 4-hour 55SMA capped for now. However, prevailing negative tone on 4-hour chart requires caution, as repeated upside rejection at 1.38 barrier, Fibonacci 38.2% retracement of 1.3965/1.3704, would risk fresh leg lower and retest near-term **** and daily cloud top at 1.37 zone. Break here to resume downtrend off 1.3965, otherwise, sustained break above 1.38 hurdle would open 1.3835, 50% retracement / daily 20SMA and pivotal 1.3874, 24 Mar peak / near Fibonacci 61.8% retracement, above which to confirm formation of higher low at 1.3704 and shift focus towards 1.3946 and key 1.3965 resistance, peak of 13 Mar.

Res: 1.3807; 1.3845; 1.3874; 1.3900

Sup: 1.3760; 1.3721; 1.3700; 1.3662

Cable continues to trend higher and broke above initial 1.6665 barrier to test 1.6685, Fibonacci 61.8% retracement of 1.6821/1.6464 descend so far. Hourly studies are positive, while overextended 4-hour conditions and yesterday’s Doji candle, warn of possible stall. Sustained break above 1.6716/33, 13 Mar high / bear-trendline off 1.6821, is required to confirm bullish resumption and open 1.6784, 07 Mar peak and key 1.6821 barrier, 17 Feb year-to-date high. Corrective dips should be contained above 1.66 handle, Fibonacci 38.2% retracement of 1.6464/1.6685 upleg, reinforced by 4-hour 55SMA, to keep bulls intact.

Res: 1.6685; 1.6700; 1.6716; 1.6733

Sup: 1.6655; 1.6638; 1.6600; 1.6574

The pair remains supported and aims towards key near-term barrier at 103.75, 07 Mar peak, to fully retrace 103.75/101.19 descend, after the price stabilizes above psychological 103 barrier, also daily cloud top. Near-term technicals are positive, however, 4-hour RSI enters overbought zone and may delay bulls. Neutral daily studies require break above 103.75, two-month congestion top, to bring fresh bulls in play. Initial supports lay at 103.00/102.88, with higher platform and Fibonacci 38.2% retracement of 101.71/103.42 upleg, offering solid support and seen as ideal reversal point for stronger dips.

Res: 103.42; 103.75; 104.00; 104.32

Sup: 103.00; 102.77; 102.67; 102.46

The pair maintains positive near-term tone and consolidates after cracking psychological 0.9300 barrier. Near-term corrective action was contained above strong support at 0.9200, Fibonacci 38.2% of 0.9047/0.9294 upleg, keeping near-term bulls firmly in play for test of immediate targets at 0.9314, Fibonacci 100% expansion of the third wave from 0.8894 and 0.9336, Fibonacci 61.8% retracement of 0.9755/0.8658 descend, break of which to confirm wave principles and open 0.9446, 19/20 Now 2013 peaks and 0.9477, Fibonacci 138.2% expansion. Only loss of 0.9200 **** would delay bulls and expose strong supports at 0.9140 zone, previous peaks and 200SMA.

Res: 0.9302; 0.9314; 0.9336; 0.9400

Sup: 0.9254; 0.9215; 0.9200; 0.9170

Spot Gold remains under strong pressure and resumes downtrend off 1392 peak, interrupted by 1285/1298 consolidative phase. With psychological 1300 barrier, also 200SMA, being established as strong resistance, fresh weakness through previous low at 1285, approaches dynamic support at 1273, daily 100SMA, with 1262, Fibonacci 61.8% retracement of 1182/1392 ascend, coming in focus. Overall bearish tone keeps the downside favored, with consolidative /corrective action on oversold studies, seen preceding fresh weakness. Lower platform at 1300 is expected to limit upside attempts, while only sustained break here would put immediate bears on hold.

Res: 1290; 1300; 1306; 1316

Sup: 1277; 1273; 1262; 1252

Spot Silver trades in extended consolidative phase above fresh low at 19.56, posted on 27 Mar, with corrective action being so far capped under psychological 20.00 barrier. Yesterday’s rejection at 20.00 hurdle and fresh slide below the range mid-point, keeps near-term studies in negative mode and maintains downside risk. Penetration through 19.56 handle to open interim supports at 19.30/11, 08 Jan 2014 / 19 Dec 2013 lows, for extension towards key support at 18.99, 30 Jan low, return to which to fully retrace 18.99/22/15 ascend. Only sustained break above 20.00 hurdle would sideline immediate bears and allow for stronger corrective action towards 201.19, 25 Mar high and 20.40, Fibonacci 38.2% retracement of 21.77/19.56 descend.

Res: 19.91; 20.00; 20.20; 20.40

Sup: 19.62; 19.56; 19.30; 19.11

The Euro’s near-term price action remains at 1.38 zone, following several attempts to break higher that formed hourly bullish pennant. Positive near-term studies, however, are supportive for further advance, with clearance of strong 1.38 hurdle, also Fibonacci 38.2% retracement of 1.3965/1.3704 descend and daily Kijun-sen line, seen as a trigger for fresh recovery towards 1.3835/45, lower tops / 50% retracement and 1.3756, bull trendline off 1.3965, with key near-term resistance at 1.3874, 24 Mar peak, expected to come in focus on a break. Alternatively, rejection at 1.38 zone would signal further congestion, while extension below higher platform at 1.3765, also mid-point of 1.3704/1.3814 upleg, would bring bears back in play.

Res: 1.3845; 1.3874; 1.3900; 1.3946

Sup: 1.3877; 1.3765; 1.3745; 1.3700

Cable enters consolidative phase after fresh bulls peaked at 1.6685, Fibonacci 61.8% retracement of 1.6821/1.6464 descend. Strong support and breakpoint at 1.6600, so far stays intact, as the pullback was contained by daily cloud top at 1.6615 and subsequent bounce is under way. With near-term studies gaining traction, focus remains at 1.6685 peak, clearance of which and trendline resistance at 1.6730, to open next pivot at 1.6716, 13 Mar peak and signal eventual return to key barriers at 1.6784, 07 Mar high and 1.6821, 17 Feb 2014 high. Only loss of 1.66 handle would delay immediate bulls and risk stronger pullback.

Res: 1.6685; 1.6700; 1.6716; 1.6730

Sup: 1.6615; 1.6600; 1.6574; 1.6548

The pair remains supported and eventually broke above key near-term barrier at 103.75, 07 Mar peak, fully retracing 103.75/101.19 descend. Formation of Three White Soldiers pattern on a daily chart suggests further upside, with break above psychological 104.00 barrier, expected to open 104.32, Fibonacci 76.4% of 105.43/100.74 descend and expose upper targets at 105 zone. However, bulls may be delayed by consolidative / corrective action, as near-term studies are overbought. Psychological 103 support, also 38.2% retracement of 101.71/103.92 upleg and higher platform at 102.80, also 50% retracement, are seen as ideal reversal points to keep near-term bulls intact.

Res: 104.00; 104.32; 104.83; 105.00

Sup: 103.59; 103.42; 103.00; 102.80

The pair trades in extended consolidative phase off 0.9300 barrier, following repeated upside rejection. Near-term price action is entrenched within 0.9220/0.9300 range, with studies losing traction. This may signal deeper pullback, as hourly technicals are negative and 4-hour bearish momentum is building up. Break below initial 0.9220 support will be seen as initial signal, while loss of psychological 0.92 handle and 0.9184, Fibonacci 38.2% of 0.8994/0.9302 upleg, is required to confirm of near-term double-top pattern and expose 0.9148, 50% retracement / bull-trendline off 0.8923 low and previous congestion tops at 0.9135 zone, reinforced by 200SMA, where stronger pullback should be ideally contained. Overall bullish tone keeps the upside favored in the short-term

Res: 0.9302; 0.9314; 0.9336; 0.9400

Sup: 0.9220; 0.9200; 0.9184; 0.9148

Spot Gold trades in extended consolidative phase off fresh low at 1277, signaling possible basing attempt. However, overall negative tone keeps the downside favored, as brief corrective attempts were capped by descending 10SMA at 1287. Break here is required to signal recovery, with notion being supported by oversold 4-hour conditions. Extension higher to open strong 1300 zone barrier, 200SMA / psychological resistance, above which stronger recovery action could be anticipated. Otherwise, completion of near-term consolidation and fresh extension of larger downtrend off 1392 peak, would be likely near-term scenario. Break below 1277 to open 1272, 100SMA and 1262, Fibonacci 61.8% of 1182/1392, also daily Ichimoku cloud ****.

Res: 1287; 1296; 1300; 1306

Sup: 1277; 1272; 1262; 1252

Spot Silver trades in extended consolidative phase above fresh low at 19.56, posted on 27 Mar, with corrective action being so far capped under psychological 20.00 barrier, reinforced by 4-hour 55SMA. Neutral hourly technicals favor further sideways movement, however, improving conditions on 4-hour chart do not rule out stronger recovery. Break above 20.00 barrier will be seen as initial signal, with regain of 20.20, required to confirm near-term **** formation and open 20.40, Fibonacci 38.2% retracement of 21.77/19.56 descend. Conversely, loss of 19.56 handle to open interim supports at 19.30/11, 08 Jan 2014 / 19 Dec 2013 lows, for extension towards key support at 18.99, 30 Jan low, return to which to fully retrace 18.99/22/15 ascend.

Res: 20.00; 20.20; 20.40; 20.56

Sup: 19.62; 19.56; 19.30; 19.11

The Euro is losing traction after triple rejection at 1.38 resistance zone triggered pullback to 1.3752 so far, retracing near 61.8% of 1.3704/1.3819 rally. Formation of bearish engulfing pattern suggests further easing and possible retest of strong 1.37 support zone, previous low of 28 Mar and daily cloud top. Negative hourly studies and 4-hour indicators breaking below the midlines, support the notion, with violation of 1.37 handle to signal continuation of bear-channel of 1.3965 peak. Recent low at 1.3752, along with Fibonacci 61.8% of 1.3704/1.3819, offer immediate support, ahead of 31 Mar spike low and daily 55SMA at 1.3721 and pivotal 1.3704, low of 28 Mar, below which bearish resumption would look for 1.3680, 100SMA and 1.3662, 61.8% retracement of larger 1.3475/1.3965 ascend. Session high and previous 31 Mar / 01 Apr consolidation lows at1.3770, offer initial resistance, with 1.3785, 50% retracement and hourly 20/55SMA’s bear cross, expected to limit upside attempts.

Res: 1.3770; 1.3785; 1.3800; 1.3819

Sup: 1.3752; 1.3720; 1.3700; 1.3662

Cable remains in near-term consolidative sideways mode, with price action moving within 1.6620/60 range. Near-term **** is forming at 1.6620, where the price found solid support, reinforced by daily cloud top and should ideally keep the downside protected for fresh attempt higher. Hourly studies are neutral, while 4-hour bulls remain in play, however, downside risk would remain in play, as daily studies are lacking momentum. Holding below initial barriers at 1.6716/20, previous peak / trendline resistance, would require caution, as downside risk is expected to increase in case of loss of 1.6620/00 handles that may trigger fresh weakness and signal lower top formation.

Res: 1.6660; 1.6685; 1.6700; 1.6716

Sup: 1.6620; 1.6600; 1.6574; 1.6548

The pair remains supported and fresh extension higher cracked psychological 104 barrier, after the price broke and close above key 103.75, 07 Mar peak. Clearance of 104 hurdle opens next target at 104.32, Fibonacci 76.4% of 105.43/100.74 descend and lower tops of 16 / 23 Jan at 104.93/83, along with psychological 105 barrier. Overall picture remains bulls and keeps the upside favored, however, overbought 4-hour studies warn of corrective action, before fresh attempt higher. Initial support lies at 103.57, yesterday’s low and 103.42, 31 Mar previous high, ahead of 103.16, Fibonacci 38.2% retracement of 101.71/104.06 upleg and psychological 103 support, where corrective dips should ideally find support.

Res: 104.06; 104.32; 104.83; 105.00

Sup: 103.57; 103.42; 103.00; 102.80

The pair’s near-term tone weakened, as the price probed below initial support and consolidation floor at 0.9220 and tested psychological 0.9200 support so far. With hourly studies turning negative and 4-hour indicators attempting below their midlines that keeps the downside vulnerable. Sustained break lower and violation of 0.9184, Fibonacci 38.2% retracement of 0.8994/0.9302, to confirm reversal and mark near-term top at 0.9302, for further easing towards strong support at 0.9135 zone, previous peaks / 50% retracement / trendline support and 200SMA, below which to fully establish bears. Otherwise, near-term bulls will remain in play for eventual break above 0.93 handle and resumption of larger uptrend from 0.8658, 24 Jan annual low.

Res: 0.9262; 0.9302; 0.9314; 0.9336

Sup: 0.9200; 0.9184; 0.9148; 0.9112

Spot Gold trades in extended consolidative phase off fresh low at 1277, signaling possible basing attempt. Hourly technicals improved and see scope for possible extension of the recent recovery peak at 1294, for attempt at pivotal 1296, 200SMA and 1300 barriers, break of which to signal near-term **** and allow for stronger correction. Indicators of 4-hour chart are approaching their midlines and support the notion, however, failure to clearly break above initial 1300 barrier, would keep risk of fresh weakness in play, as larger picture bears remain fully in play. Extension below initial 1287 support, 01 Apr high / yesterday’s low / hourly 20/55SMA’s bull-cross, to bring near-term bears back in play and risk return to 1277 **** and possible bearish resumption on violation of the latter.

Res: 1294; 1296; 1300; 1306

Sup: 1287; 1280; 1277; 1273

Spot Silver attempts to stabilize above near-term consolidation top at 20.00, as fresh extension higher peaked at 201.13 so far and signals near-term basing attempt. Near-term studies turned positive and support further recovery, with regain of the next barrier at 20.20, 100SMA, expected to open way towards the next pivot at 20.40, Fibonacci 38.2% retracement of 21.77/19.56 descend and confirm reversal. However, recovery action is seen limited, as daily bears are firmly in play, with death-cross formation of 20/200SMA and bear-cross of 20/55SMA’s, keeping the downside pressured.

Res: 20.13; 20.20; 20.40; 20.56

Sup: 19.90; 19.80; 19.67; 19.62

The Euro remains at the back foot after last Friday’s spike lower posted fresh low at 1.3671 and quiet overnight trading consolidating around 1.37 handle, where the pair closed trading for the week. Negative structure on 4-hour chart keep the downside pressured, while hourly studies are in neutral mode. Fresh bears below initial support at 1.3690, daily cloud top and 1.3671, last Friday’s fresh five-week low, also near Fibonacci 61.8% retracement of larger 1.3475/1.3965 ascend, open way towards 27 Feb higher low at 1.3642 and psychological 1.3600 support in extension. Corrective action would face the first pivot at 1.3730, last Friday’s post-data spike high and Fibonacci 38.2% of 1.3819/1.3671 descend, above which to signal stronger recovery towards 1.3650 lower ****, where rallies should find solid resistance. Only lift above breakpoint at 1.3819, 02 Apr high and trendline resistance at 1.3830, would neutralize near-term bears.

Res: 1.3730; 1.3750; 1.3770; 1.3805

Sup: 1.3690; 1.3671; 1.3642; 1.3600

Cable remains under pressure and extends near-term corrective pullback off 1.6683, 31 Mar peak, after losing strong supports at 1.6620/00, with fresh low being posted at 1.6548, Fibonacci 61.8% retracement of 1.6464/1.6683 upleg. Negative tone prevails on lower timeframes studies, favors further weakness, with extension below 1.6548, to expose psychological 1.6500 level next, also bear-channel support and focus key near-term support at 1.6464, 24 Mar low. Previous support, last Friday’s high; double MA’s bear-crossover and Fibonacci 38.2% of 1.6683/1.6548 at 1.6600, now offers initial resistance, ahead of 1.6620, previous congestion **** / 50% retracement and pivotal barrier and lower platform at 1.6660.

Res: 1.6600; 1.6620; 1.6660; 1.6685

Sup: 1.6563; 1.6548; 1.6500; 1.6464

The pair enters near-term corrective phase after repeated failure to clear psychological 104 barrier. Subsequent pullback probes at psychological / 38.2% retracement of 101.19/104.10 / daily cloud top support, below which to confirm negative near-term mode and allow for deeper pullback. Hourly studies are negative, as well as 4-hour indicators attempting below the midlines and supporting the notion. Further easing should ideally fin footstep at 102.65, previous consolidation top and 50% retracement, to keep larger picture bulls intact for fresh attempt higher. Break above 104 handle to open lower tops at 104.73/93 next.

Res: 103.38; 103.55; 103.68; 104.10

Sup: 102.98; 102.65; 102.30; 102.00

The pair regained strength and rallied from near-term ****, established at 0.92 zone, to fully retrace 0.9302/0.9204 corrective phase. Fresh probe above 0.93 barrier and near-term congestion tops is under way, with fresh bulls on 4-hour studies being supportive for eventual break higher and extension of larger uptrend from 0.8658 towards 0.9336, Fibonacci 61.8% of 0.9755/0.8658, also bull-channel resistance. Overextended hourly studies, however, may signal prolonged consolidation before fresh attempt higher, with initial support at 0.9265 and higher **** at 0.92 zone, required to hold.

Res: 0.9306; 0.9336; 0.9388; 0.9400

Sup: 0.9265; 0.9240; 0.9200; 0.9184

Spot Gold trades in extended consolidative phase off fresh low at 1277, with crack and weekly close above psychological 1300 resistance and breakpoint, confirming near-term ****. Fresh bulls, established on lower timeframes, favor further upside and look for the next targets at 1315 lower platform and 1321, Fibonacci 38.2% retracement of 1392/1277 descend, break of which to revive larger picture bulls. Corrective action on overbought near-term conditions is expected to precede fresh push higher, with good support standing at 1295, Fibonacci 38.2% of 1277/1306 and previous double-top, where dips should be ideally contained.

Res: 1306; 1315; 1321; 1334

Sup: 1295; 1288; 1284; 1281

Spot Silver trades in near-term sideways mode after recovery attempts above initial 20.00 barrier failed to sustain break. Lack of momentum for more significant action in the near-term, results in neutral 4-hour and negatively aligned hourly technicals that keeps near-term neutral mode in play. However, bearish larger picture sees scope for fresh extension lower, once consolidative phase is over, with break below near-term **** at 19.56, to face interim supports at 19.30 and 19.11, en-route towards short-term target at 18.99, 30 Jan low. Daily death-cross formation of 20/200SMA and bear-cross of 20/55SMA’s, support the notion.

Res: 19.94; 20.13; 20.21; 20.40

Sup: 19.77; 19.65; 19.62; 19.56

The Euro returned to strength, with fresh acceleration of recovery from 1.3671, 04 Apr low, probing above psychological 1.380 barrier. The rally was capped just under pivotal 1.3820 resistance, 02 Apr previous high / Fibonacci 38.2% retracement of 1.3965/1.3671 rally and bear-channel resistance. Positive near-term technicals are supportive for eventual break here, to confirm near-term bottom and open way for further recovery towards 1.3853, Fibonacci 61.8% retracement and lower top of 24 Mar at 1.3874. Corrective actions on overbought near-term studies are expected to precede fresh push higher, with 1.3750/60 zone, Fibonacci 38.2% retracement of 1.3671/1.3810 rally and previous **** of 20/25 Mar, seen as ideal reversal point. Any weakness below 1.3740 higher platform / daily cloud top and rally’s mid-point, would delay immediate bulls.

Res: 1.3810; 1.3820; 1.3853; 1.3874

Sup: 1.3777; 1.3757; 1.3740; 1.3724

Cable surged yesterday, leaving higher **** at 1.6548 and resuming the bull-phase off 1.6464, 24 Mar low, after clearing 1.6683, 31 Mar previous top. Break above bear-channel resistance and completion of inverted head-and shoulders pattern on 4-hour chart, sees scope for eventual push towards 1.6784, 07 Mar lower top and attack at key near-term barrier at 1.6821, 17 Feb peak. Near-term studies are positive, however, overbought conditions suggest pause ahead of fresh push higher, with previous peaks at 1.6716 and 1.6683 offering immediate supports. Further dips should be ideally contained at 1.6650, 50% retracement of 1.6548/1.6753 upleg / daily Tenkan-sen line, to keep the structure intact. Conversely, slide below previous barriers at 1.6620/00, reinforced by daily cloud top, will be bearish.

Res: 1.6753; 1.6784; 1.6800; 1.6821

Sup: 1.6716; 1.6683; 1.6650; 1.6620

The pair resumes the downtrend from 104.11 peak, as fresh acceleration lower cleared 102, psychological / trendline support and found temporary footstep at 101.54. With the biggest part of 101.20/104.11 rally being already retraced, risk of retesting strong 101.20 **** remain in play. Bears may be delayed as near-term studies are oversold, with initial 102 barrier being regained and rallies expected to find solid resistance at 102.65, previous support and 102.83, 50% retracement of 104.11/101.54, ahead of psychological 103 barrier, reinforced by double MA’s bear-cross, where rallies should be capped. Violation of 102.20 **** is expected to open another key support at 100.74, low of 04 Feb 2014.

Res: 102.50; 102.65; 102.83; 103.00

Sup: 101.83; 101.54; 101.20; 100.74

The pair the pair remains supported and moves higher after eventual break above near-term congestion tops at 0.93 triggered fresh extension of larger uptrend that commenced from 0.8658. Fresh bulls probed above bull-channel resistance and Fibonacci 61.8% of 0.9755/0.8658 descend, on extension to 0.9385 so far, focusing psychological 0.9400 barrier and 0.9477, Fibonacci 138.2% expansion of the wave from 0.8889, 03 Mar higher low. However, overbought near-term studies see consolidative/corrective phase preceding fresh push higher. Initial support lies at 0.9330, ahead of more significant 0.9316, Fibonacci 38.2% of 0.9204/0.9385 upleg, reinforced by hourly 55SMA and 0.9300, previous range tops, where corrective dips should face good support.

Res: 0.9385; 0.9400; 0.9477; 0.9500

Sup: 0.9330; 0.9316; 0.9300; 0.9273

Spot Gold remains supported and resumes recovery rally off 1277 low, after leaving higher **** 1295. Fresh bulls tested next target at 1315, 25/26 Mar lower platform / daily Cloud top, above which to open 1319/21, daily 20SMA / Fibonacci 38.2% retracement of 1392/1277 descend, with break here to confirm bottom at 1277 for further recovery. Positive near-term studies are supportive, with consolidative phase expected to precede fresh extension higher. Conolidation floor at 1306 offers immediate support, ahead of 1300/1297, psychological support / 200SMA and 1295 ****, where stronger dips should ideally find footstep.

Res: 1315; 1321; 1334; 1342

Sup: 1306; 1300; 1297; 1295

Spot Silver trades in near-term sideways mode after recovery attempts above initial 20.00 barrier failed to sustain break. Near-term studies are losing traction as upside attempts above psychological 20.00 barrier stalled at 20.14. Sustained break above current range top at 20.21, reinforced by daily 100SMA and regain of 20.40, Fibonacci 38.2% retracement of 21.77/19.56 descend, is seen as minimum requirement to avert immediate downside risk and signal stronger recovery. Otherwise, increased downside risk will remain in play, as larger picture studies are bearish and 20/200SMA’s death-cross and 20/55 bearish cross, keeping the downside pressured. Completion of near-term consolidation expected to fresh weakness for final push towards short-term target at 18.99, 30 Jan low.

Res: 20.09; 20.17; 20.21; 20.40

Sup: 19.84; 19.77; 19.65; 19.56