Peter A Rosenstreich
Swissquote Bank Ltd
GOLD (in USD)
Bullish trend maintained.
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Gold is bouncing back to 1360 after failing to reach hourly resistance at 1366 (25/01/2018 high). Hourly supports given at 1306 (04/01/2018 low) and 1290 (16/10/2017) remain. The technical structure suggests further 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)
Bearish breakout.
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Silver is heading lower following recent sideways trading. Silver lies between hourly resistance and support at 17.07 (09/11/2018 high) and 16.03 (05/12/2017 low). The technical structure suggests further short-term weakness.
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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)
Continued recovery rally.
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Crude oil increases back, trading above 62 range and heading higher. Crude oil is contained between resistance at 64.77 (11/01/2017) and support at 55.82 (07/12/2017 low). The technical structure suggests short-term upside 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.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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