Gold: Buying pressures are on

GOLD (in USD)

Buying pressures are on.

• 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 ).

• 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)

Heading higher.

• 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 16.34 (06/01/2017 low) then 15.63 (20/12/2016). Expected to reach 19.00 in the medium-term.

• 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)

Buying pressures are fading.

• Crude oil is heading towards resistance at 54.32 (06/01/2017 high) despite some consolidation. Yet, a correction in the near-term towards 49.61 (08/12/2016) is possible in case support at 50.71 (10/01/2017 low) is broken. The black commodity needs to push higher to confirm deeper buying pressures.

• 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).