Crude Oil: Testing resistance area

Yann Quelenn Swissquote Bank Ltd

GOLD (in USD)

Bearish momentum.

Gold remains weak. The precious metal is located within a downtrend channel. The broken support at 1284 confirms an underlying bearish trend. Strong support lies at a distance at 1267 then 1204 (10/07/2017 high). Resistance is now located at 1288 (20/10/2017).
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).

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SILVER (in USD)

Volatility within downtrend channel.

Silver is again moving up and down. Hourly support can be founds at 16.88. Hourly resistance is given at 17.46 (13/10/2017 high). Additional support can be found at 16.13 (06/10/2017 low). Expected to show further weakness.
In the long-term, the trend is rater negative. 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)

Testing resistance area.

Crude oil bounced hard back within range defined by support at 50.43 and the strong resistance lies at 52.86 (28/09/2017). Expected to show continued increase within this range.
In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. For the time being the pair lies in an upside momentum. Strong support lies at 35.24 (05/04/2016) while resistance can now be found at 55.24 (03/01/2017 high).

Author

Yann Quelenn

Swissquote Bank Ltd

Yann Quelenn is a Market Analyst at Swissquote Bank with strong technical and financial background. Previously, he worked as FX Trader at Banque Privée Edmond de Rothschild and as Portfolio Manager at Polaris Investment in Luxembourg.

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