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).

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).

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).