Gold: Heading lower
|GOLD (in USD)
Heading lower.
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Gold is trading lower following recent rise at 1333, heading along the 1324 range. Hourly support and resistance are given at 1318 (14/02/2018 low) and 1357 (26/01/2018 high). The technical structure suggests short-term downward trading moves.
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In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1'392 (17/03/2014) is required to confirm it. A major support can be found at 1'045 (05/02/2010 low).
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SILVER (in USD)
Approaching 16.65.
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Silver is decreasing following recent rise at 16.76, heading along the 16.60 range. Hourly support and resistance are given at 16.39 (14/02/2018 low) and 17.13 (19/01/2018 high). The technical structure suggests short-term decrease.
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In the long-term, the trend remains negative/ sideways. Further downside is very likely. The pair is trading below 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)
Heading along 67.50.
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Crude oil is slightly decreasing following recent rise at 69.38, heading along the 67.50 range. Crude Oil is trading at its December 2014 high. The bullish pattern started in November 2017 is maintained. Hourly support at 63.20 (10/04/2018 low) is distanced. The technical structure suggests short-term downward moves.
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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 trend since June 2017. Support lies at 42.20 (16/11/2016) while resistance is located at 77.83 (20/11/2014). Crude oil is trading largely above its 200 DMA.
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