Gold: Bullish retracement

GOLD (in USD)

Bullish retracement.

• Gold recovers from recent traders' profit taking and keeps increasing. Hourly support is given at 1306 (04/01/2018 low). Resistance located at 1345 (15/01/2018 high) is attainable. The commodity is targeting a strong resistance point at 1357 (08/09/2017 high).

• In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary in order to confirm it. A major support can be found at 1045 (05/02/2010 low).

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SILVER (in USD)

Flattening.

• Silver is continuing its bounce moves to slightly higher ends after a sharp correction (12/08/2017 low at 15.61). The short-term technical structure is negative as long as prices remain below the hourly resistance at 17.43 (15/01/2018 high). A key resistance stands at 18.21 (08/09/2017 high). An hourly support lies at 16.80 (reaction low).

• In the long-term, the trend is rather negative. Further downside is very likely. The pair is trading at its 200 DMA. Resistance is located at 21.58 (10/07/2014 high). Strong support can be found at 11.75 (20/04/2009).

 

CRUDE OIL (in USD)

Slow upturn.

• Crude oil is slightly flattening but appears ready to ascend. Hourly resistance is given at 64.89 (15/01/2018 high). Strong support is given at 60.93 (05/01/2018 low). Expected to keep increasing as demand seems very strong.

• In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness is very likely. For the time being the pair lies in an upside momentum since June 2017. Support lies at 42.20 (16/11/2016) while new resistance point is located at 77.83 (20/11/2014). Crude oil is trading largely above its 200 DMA.