Gold:
First, we have closed all opened short positions last week, as gold has touched the sensitive level of 1086.00, which could be the most important level over intraday short-term and medium-term trading, while the low was placed at 1075.00 level.
Currently, gold trades above the support line and above 1086.00 level -161.8% Fibonacci- but still moves below 1100.00 psychological.
In result, we will be neutral until morning; noting that, a new break below 1086.00 will bring strong bearish momentum and will cancel out any oversold sign on the RSI.
Oil moves negatively due to trading below the resistance line of the descending channel and below moving averages after clearing SMA50 and Fibonacci of 61.8% last week.
ADX continued to reflect the weak trend despite oversold sign on RSI. So we remain bearish this week as trading remains below 51.51 and preferably below 49.30.
Next target resides at 46.15, where 88.6% Fibonacci exists and trading below 48.00 will affirm reaching this target.