Yann Quelenn
Swissquote Bank Ltd
GOLD (in USD)
Breaking key resistance area.
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Gold has retraced towards former resistance at 1221 (22/11/2017 high) which now becomes a new support. Hourly support lies at 1177 (11/01/2017 low). The short-term trend is clearly positive. Key support is located at 1122 (15/12/2016 low ).
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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)
Bullish!!
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Silver has finally exited an area where bearish pressures seem important. The precious metal is way into a bullish momentum. Hourly support can be located at 17.75 (14/02/2017 low) then 16.63 (27/01/2017 low). Expected to reach 19.00 in the medium-term.
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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)
Strengthening.
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Crude oil has broken resistance at 54.32 (06/01/2017 high). We rule out for the moment any correction towards 49.61 (08/12/2016). Expected to see deeper buying pressures towards key resistance at 55.24 (03/01/2017 high).
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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 resistance can now be found at 55.24 (03/01/2017 high).
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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