Silver: Bullish momentum continues

Peter A Rosenstreich Swissquote Bank Ltd

GOLD (in USD)

Heading toward 1330.

Gold is recovering after its recent strong sell-off. Resistance is located at 1337 (12/09/2017) while further resistance remains at 1358 (08/09/2017). Supports are given at 1306 (04/01/2018 low) and 1290 (16/10/2017). The technical structure suggests further upside moves.
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)

Bullish momentum continues.

Silver reverses pattern, heading toward 16.75 The short-term technical structure remains however negative. Silver trades between hourly resistance at 17.07 (09/11/2017 high) and support at 16.03 (05/12/2017 low). The technical structure suggests further short-term increase.
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)

Giving signs of weakness.

Crude oil slowly continues its fall, trading below 60. Hourly resistance at 64.77 (11/01/2017) is distanced while supports stand at 55.82 (07/12/2017 low) and 53.89 (01/11/2017). Expected to keep increasing as demand remains strong.
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.

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