COMEX Gold - Finding Bottom?

Price could be making a swing bottom within the bigger picture uptrend. On longer term basis, price is still on uptrend as:

1) Price is still above October low of 1315/1320

2) Despite below the moving average in daily chart (Chart 2), the average itself has yet to turn down.

Meanwhile, the short term sell off appeared to lose steam. Price has broken the steep downtrend while a few observations suggest support is at hand:

1) Price is holding above support area, red lines on chart 1,

2) Price on RSI oversold level on Friday was higher than previous oversold level on the 16th (chart 1).

Still if bottom is to occur, price has to break above the 3 day old resistance level around 1365 to confirm the bearish bias. But if price trades below low of Friday of 1343, sell off may resume with a price below 1315 confirming the sell down.

The full report here

Crude Palm Oil Futures - Consolidation/Correction?

On the very short term basis, trend is down. It can be clearly seen through the 30mins chart above, where the downward trendline connects recent top at 4500, 4000 and about 3500.

However on the bigger picture, trend has yet to turn down. Therefore it is likely that price is looking for bottom, correcting or consolidating the recent uptrend. Note too that, price range is volatile, making a low risk trade difficult.

Nonetheless, there is two ways of looking at the latest move. First on the very short term downtrend, it should continue as long as the down trendline is not broken. The various support resistance lines are 3265, 3200 and 3100.

Second, looking at it as a correction of the uptrend; as such, waiting for cycle bottom for long swing entry.  On that basis, the 3100 appears as a possible bottom as:

1) 30mins RSI is at its lowest since August,

2) 3100 was a previous resistance and turned support last Thursday with long positive candle,

3) could enter into a new cycle as it has been 32 days since early October bottom

However, it is also contingent on beanoil staying above 48 and better still above the 50 psychological level. Expect further selling if price trades below 3100.

The full repoport here