Gold Spot ($) Intraday: turning down

Swissquote Bank Research Team Swissquote Bank Ltd

Gold Spot ($)

Turning down.

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Pivot (invalidation): 1466.00

Our preference
Short positions below 1466.00 with targets at 1462.00 & 1459.00 in extension.

Alternative scenario
Above 1466.00 look for further upside with 1469.00 & 1472.00 as targets.

Comment
The RSI is bearish and calls for further downside.

Silver Spot ($)

Turning down.

Pivot (invalidation): 16.6800

Our preference
Short positions below 16.6800 with targets at 16.5600 & 16.5000 in extension.

Alternative scenario
Above 16.6800 look for further upside with 16.7800 & 16.8800 as targets.

Comment
The RSI shows downside momentum.

Crude Oil (WTI)

Bullish bias above 58.70.

Pivot (invalidation): 58.70

Our preference
Long positions above 58.70 with targets at 59.10 & 59.35 in extension.

Alternative scenario
Below 58.70 look for further downside with 58.50 & 58.20 as targets.

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

Author

Swissquote Bank Research Team

Swissquote Bank Ltd

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