Gold Spot ($) Intraday: supported by a rising trend line

Swissquote Bank Research Team Swissquote Bank Ltd

Gold Spot ($)

Supported by a rising trend line.

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Pivot (invalidation): 1567.00

Our preference
Long positions above 1567.00 with targets at 1576.50 & 1580.00 in extension.

Alternative scenario
Below 1567.00 look for further downside with 1563.00 & 1560.00 as targets.

Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Silver Spot ($)

Bullish bias above 17.6500.

Pivot (invalidation): 17.6500

Our preference
Long positions above 17.6500 with targets at 17.7500 & 17.8200 in extension.

Alternative scenario
Below 17.6500 look for further downside with 17.5700 & 17.5200 as targets.

Comment
The RSI lacks downward momentum.

Crude Oil (WTI)

Capped by a negative trend line.

Pivot (invalidation): 50.65

Our preference
Short positions below 50.65 with targets at 49.90 & 49.55 in extension.

Alternative scenario
Above 50.65 look for further upside with 51.00 & 51.30 as targets.

Comment
The upward potential is likely to be limited by the resistance at 50.65.

Author

Swissquote Bank Research Team

Swissquote Bank Ltd

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