Silver: Lack of follow-through

GOLD (in USD)

Failed to hold above $1300.

• Gold is consolidating within uptrend channel. Hourly support is located at 1246 (18/05/2017 low). Stronger support is given at 1195 (10/03/2017 low). Expected to show renewed upside pressures.

• In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low).

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SILVER (in USD)

Lack of follow-through.

• Silver declines. Closest support is given at 16.20 (04/05/2017 low). Strong support is given at 15.63 (20/12/2017 low). Key resistance is given at a distance at 19.00 (09/11/2017 high). Expected to push back towards 61.8% Fibonacci retracement around 17.75.

• In the long-term, the death cross indicates that further downsides are very likely. Resistance is located at 25.11 (28/08/2013 high). Strong support can be found at 11.75 (20/04/2009).

CRUDE OIL

Continued decline.

• Crude oil keeps on moving lower after the recent collapse from $52. Support is given at a distance 43.76 (05/05/2017 low). The technical structure suggests further weakness towards 43.76.

• In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. Strong support lies at 24.82 (13/11/2002) while resistance can now be found at 55.24 (03/01/2017 high).