Gold; Bouncing Back Within Uptrend Channel

GOLD (in USD)

Bouncing back within uptrend channel.

• Gold is back to bullish despite ongoing bearish consolidation. The precious metal is way into an uptrend channel. Hourly support is given at 1284 (11/10/2017 low). Strong support lies at a distance at 1204 (10/07/2017 high). Expected to show bullish pressures.

• 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).

---

Stay on top of the markets with Swissquote’s News & Analysis

 

SILVER (in USD)

Profit-taking.

• Silver has declined on some profit taking. Hourly resistance is given at 17.46 (13/10/2017 high). The precious metal keeps on trading above $17. Hourly support can be found at 16.13 (06/10/2017 low). Expected to show further increase.

• 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)

Monitoring resistance at 52.86.

• Crude Oil is pushing higher within a range defined by the 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).