Silver: Bouncing off
GOLD (in USD)
Neutral.
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Gold is pausing following recent decrease from 1336, heading along the 1328 range. Hourly support and resistance are given at 1318 (14/02/2018 low) and 1366 (25/01/2018 high). The technical structure suggests short-term sideways trading moves.
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In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1'392 (17/03/2014) is required to confirm it. A major support can be found at 1'045 (05/02/2010 low).
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SILVER (in USD)
Bouncing off.
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Silver is bouncing off from 16.58 low, trading at 16.66 following recent rise at 17.36 and breaking hourly support at 16.65 (15/02/2018). Silver is heading along the 16.75 range. Hourly support and resistance are given at 16.39 (14/02/2018 low) and 17.43 (15/01/2018 high). The technical structure suggests short-term increase.
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In the long-term, the trend remains negative/ sideways. Further downside is very likely. The pair is trading below its 200 DMA. Resistance is located at 21.58 (10/07/2014 high). Strong support can be found at 11.75 (20/04/2009).
CRUDE OIL (in USD)
Trading above 69.
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Crude oil is bouncing off from 67.14 low, trading above 69 and heading along the 69.35 range. Crude Oil is trading at its December 2014 high. The bullish pattern started in November 2017 is maintained. Hourly support at 63.20 (10/04/2018 low) is distanced. The technical structure suggests short-term upward moves.
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In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness is very likely. For the time being, the pair lies in an upside trend since June 2017. Support lies at 42.20 (16/11/2016) while resistance is located at 77.83 (20/11/2014). Crude oil is trading largely above its 200 DMA.
Author
Peter A Rosenstreich
Swissquote Bank Ltd
Peter Rosenstreich is Swissquote Bank’s Head of Market Strategy and manages the global strategy desk; he has held various positions in several banking institutions in the United States, Europe & Asia.
