Silver: Pushing lower
|GOLD (in USD)
Wide-open for further decline.
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Gold remains weak. Strong support found at 1199 (30/05/2016 low ) is now a new resistance. The technical structure indicates that the road is wide-open for further weakness. Indeed, further downsides may be expected as there is no close support.
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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)
Pushing lower.
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Silver is trading mixed. Bearish pressures are still important. The technical structure suggests further weakness towards key support at 15.82 (01/06/2016). Selling pressures are important within resistance area between 16.50 and 17.00.
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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)
Surging.
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Crude oil has increased sharply amid the OPEC meeting. Strong resistance lies at 51.93 (19/10/2016 high). Expected to further consolidate.
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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 can now be found at resistance at 51.93 (19/10/2015 high). Targeting 35 dollars.
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