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Gold: Short-term bullish momentum is ending

GOLD (in USD)

Short-term bullish momentum is ending.

  • Gold recovery is fading on. Hourly resistance is given at 1221 (22/11/2017 high). Hourly support lies at 1171 (intraday low). Strong 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).

gold

SILVER (in USD)

Bearish pressures are growing.

  • Silver has reached a level where bearish pressures seem important. The pair has broken resistance given at 17.24 (16/11/2016 & 07/12/2017 high). Yet, the commodity has failed to hold above it. Hourly support can be located at 16.34 (06/01/2017 low) then 15.63 (20/12/2016).

  • 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).

silver

Crude Oil (in USD)

Trading mixed.

  • Crude oil short term reversal looks to have stalled below 55.24 resistance (03/01/2017 high). The technical structure suggests a near term correction to 49.61 (08/12/2016). For the time being, the commodity is trading mixed. Hourly resistance is given at 53.50 (03/01/2017 high). Expected to show short-term bearish 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).

crude

Author

Yann Quelenn

Yann Quelenn

Swissquote Bank Ltd

Yann Quelenn is a Market Analyst at Swissquote Bank with strong technical and financial background. Previously, he worked as FX Trader at Banque Privée Edmond de Rothschild and as Portfolio Manager at Polaris Investment in Luxembourg.

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