Silver: Bouncing upward
|GOLD (in USD)
Increasing.
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Gold is trading higher following yesterday's sideways trading. Hourly support at 1'331 (23/01/2018 low) is now broken and further support remains at 1'323 (12/01/2018 low). The technical structure suggests further short-term upside 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)
Bouncing upward.
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Silver is bouncing up but trades below 17. The short-term technical structure is turning negative. Hourly resistance lies at 18.21 (08/09/2017 high). The technical structure suggests further short-term increase.
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In the long-term, the trend remains negative/ sideways. Further downside is very likely. The pair is trading slightly above 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)
Short-term strength.
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Crude oil is showing signs of recovery after trading lower the previous day. Strong support is given at 60.93 (05/01/2018 low). Expected to keep increasing as demand remains strong.
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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 point is located at 77.83 (20/11/2014). Crude oil is trading largely above its 200 DMA.
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