Gold: Buying pressures are on
|GOLD (in USD)
Buying pressures are on.
-
Gold has retraced towards former resistance at 1221 (22/11/2017 high) which now becomes a new support. Hourly support lies at 1177 (11/01/2017 low). The short-term trend is clearly positive. Key support is located at 1122 (15/12/2016 low ).
-
In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low).
SILVER (in USD)
Heading higher.
-
Silver has finally exited an area where bearish pressures seem important. The precious metal is way into a bullish momentum. Hourly support can be located at 16.34 (06/01/2017 low) then 15.63 (20/12/2016). Expected to reach 19.00 in the medium-term.
-
In the long-term, the death cross indicates that further downsides are very likely. Resistance is located at 25.11 (28/08/2013 high). Strong support can be found at 11.75 (20/04/2009).
Crude Oil (in USD)
Buying pressures are fading.
-
Crude oil is heading towards resistance at 54.32 (06/01/2017 high) despite some consolidation. Yet, a correction in the near-term towards 49.61 (08/12/2016) is possible in case support at 50.71 (10/01/2017 low) is broken. The black commodity needs to push higher to confirm deeper buying pressures.
-
In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. Strong support lies at 24.82 (13/11/2002) while resistance can now be found at 55.24 (03/01/2017 high).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.