Gold: Continued weakness

GOLD (in USD)

Continued weakness.

• Gold remains weak. Strong support found at 1199 (30/05/2016 low ) is now a new resistance. The technical structure indicates that the road is wide-open for further weakness. Indeed, further downsides may be expected as there is no close support.

• 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)

Short-term bullish.

• Silver is trading mixed. Bearish pressures are still important. The technical structure suggests further weakness towards key support at 15.82 (01/06/2016). Selling pressures are important within resistance area between 16.50 and 17.00.

• 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)

Bouncing back.

• Crude oil has increased sharply amid the OPEC meeting. The pair has set a new one year-high at 52.42. Expected to further consolidate.

• 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 can now be found at resistance at 51.93 (19/10/2015 high).