Gold Spot Levels: The upside prevails

Swissquote Bank Research Team Swissquote Bank Ltd

Gold spot ($)

The upside prevails.

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Pivot (invalidation): 1261.00

Our preference
Long positions above 1261.00 with targets at 1270.00 & 1276.50 in extension.

Alternative scenario
Below 1261.00 look for further downside with 1255.50 & 1249.00 as targets.

Comment
The RSI is mixed to bullish.

Silver spot ($)

Key resistance at 16.3800.

Pivot (invalidation): 16.3800

Our preference
Short positions below 16.3800 with targets at 16.1700 & 16.1200 in extension.

Alternative scenario
Above 16.3800 look for further upside with 16.5500 & 16.6300 as targets.

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

Crude Oil (WTI)

Further advance.

Pivot (invalidation): 65.80

Our preference
Long positions above 65.80 with targets at 66.95 & 67.35 in extension.

Alternative scenario
Below 65.80 look for further downside with 64.90 & 64.40 as targets.

Comment
The RSI advocates for further advance. Prices are trading above both 20-period and 50-period moving averages.

Author

Swissquote Bank Research Team

Swissquote Bank Ltd

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