Gold: Bullish momentum is momentarily paused

Peter A Rosenstreich Swissquote Bank Ltd

GOLD (in USD)

Bullish momentum is momentarily paused.

Gold is enduring a slight decline before pushing higher. Hourly support is given at 1306 (04/01/2018 low). Resistance is located at 1345 (15/01/2018 high) and the commodity is now targeting strong resistance at 1357 (08/09/2017 high).
In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary in order to confirm it, A major support can be found at 1045 (05/02/2010 low).

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SILVER (in USD)

Short-term rebouncing.

Silver is trying to bounce after a sharp correction. The short-term technical structure is negative as long as prices remain below the hourly resistance at 17.43 (15/01/2018 high). A key resistance stands at 18.21 (08/09/2017 high). An hourly support lies at 16.80 (reaction low).
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)

Bullish breakout continues.

Crude oil is heading higher. Hourly resistance is given at 64.89 (15/01/2018 high). Strong support is given at 60.93 (05/01/2018 low). Expected to keep increasing as demand seems very strong.
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

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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