Yann Quelenn
Swissquote Bank Ltd
GOLD (in USD)
Short-term bullish momentum is ending.
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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 ).
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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)
Bearish pressures are growing.
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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).
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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)
Trading mixed.
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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.
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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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