BRENT TECHS: (J6) Impulsive Bull Wave

• RES 4: $4600.00 - Round number resistance
• RES 3: $4578.3 - 1.618 proj of the Oct 28 - Nov 13 - Nov 18 swing
• RES 2: $4549.9 - High Dec 26 and the bull trigger 
• RES 1: $4430.8 - Low Dec 23                     
• PRICE: $4325.3 @ 07:10 GMT Dec 31 
• SUP 1: $4274.7 - Intraday low 
• SUP 2: $4183.5 - 50-day EMA 
• SUP 3: $4109.7 - Low Nov 25 
• SUP 4: $3998.1 - Low Nov 18

The trend structure in Gold is unchanged, it remains bullish and a sharp sell-off this week appears corrective - for now. The trend is overbought and a deeper retracement would allow this condition to unwind. First support at $4324.8, the 20-day EMA, has been pierced. A clear break of the average would expose the 50-day EMA at $4183.5. For bulls, a resumption of gains would open $4578.3, a Fibonacci projection.

• RES 4: $70.16 - High Jun 23 and a key medium-term resistance 
• RES 3: $64.97 - High Sep 26
• RES 2: $61.25 - High Oct 24 and a key resistance  
• RES 1: $58.56 - 50-day EMA    
• PRICE: $57.89 @ 06:43 GMT Dec 31
• SUP 1: $54.89 - Low Dec 16
• SUP 2: $54.71 - Low Apr 9 and a key support
• SUP 3: $53.77 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing
• SUP 4: $52.27 - 2.000 proj of the Jul 30 - Aug 13 - Sep 26 price swing   

The trend condition in WTI futures remains bearish and gains are considered corrective - for now. MA studies are in a bear-mode position, highlighting a dominant downtrend. A key support and the bear trigger at $56.11, the Oct 17 low, has recently been breached. The break highlights a continuation of the downtrend and opens $53.77, a Fibonacci projection. Key S/T resistance is $61.25, the Oct 24 high. First resistance is at $58.56, the 50- day EMA.

China’s banking sector held net foreign assets of USD371.6 billion by the end of September, data released Tuesday by the State Administration of Foreign Exchange showed. The sector has USD1.81 trillion in foreign financial assets and USD1.44 trillion in foreign liabilities. Of these, net liabilities in yuan amounted to USD224.9 billion, while net assets in foreign currencies amounted to USD596.5 billion. (Source: CNR Finance)