Crude Oil (In USD): Edging Higher

Peter A Rosenstreich Swissquote Bank Ltd

GOLD (in USD)

Bouncing off.

Gold is recovering from 1348 low, heading along the 1355 range. Hourly support and resistance are given at 1318 (14/02/2018 low) and 1366 (25/01/2018 high). The technical structure suggests short-term upward moves.
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)

Bullish breakout.

Silver rising pattern started in mid April strengthens following recent rise from 16.76, trading at the January range and heading along 17.30. Hourly resistance at 16.98 (15/02/2018) is now broken. Hourly support and resistance are now given at 16.03 (18/12/2017 low) and 17.67 (25/01/2018 high). The short-term technical structure suggests further short-term increase.
In the long-term, the trend remains negative/ sideways. Further downside is very likely. The pair is trading 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)

Edging higher.

Crude oil bounce from 65.56 continues, heading along the 69.25 range. Crude Oil is trading at its December 2014 high. The bullish pattern started in November 2017 is strengthened. Hourly support at 63.20 (10/04/2018 low) is distanced. The technical structure suggests further short-term increase.
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.

Author

Peter A Rosenstreich

Swissquote Bank Ltd

Peter Rosenstreich is Swissquote Bank’s Head of Market Strategy and manages the global strategy desk; he has held various positions in several banking institutions in the United States, Europe & Asia.

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