Silver: Edging lower
|GOLD (in USD)
Declining further.
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Gold continues decreasing, heading for the 1320 range. The pair currently trades between hourly support and resistance at 1300 (29/12/2017 low) and 1348 (20/02/2018 high). Expected to show further decrease.
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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)
Edging lower.
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Silver is declining further, trading at the 16.50 range and expected to decline along 16.45. Silver is contained between hourly support and resistance given at 16.18 (09/02/2018 low) and 16.98 (15/02/2018 high). The short-term technical structure suggests further 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)
Slight increase.
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Crude oil is pushing back following recent selling pressures after reaching 61.33. Expected to bounce back. Hourly support and resistance remain at 59.72 (15/02/2018 low) and 66.33 (25/01/2018 high). The technical structure suggests short-term increase.
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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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