Silver: Rise resumes

GOLD (in USD)

Bullish momentum.

• Gold is recovering after its recent strong sell-off. Resistance at 1337 (12/09/2017) is broken, confirming a strong bullish bias. Further resistance at 1358 (08/09/2017) approaches. Supports given at 1306 (04/01/2018 low) and 1290 (16/10/2017) remain. 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)

Rise resumes.

• Silver is picking up, showing signs of further strength, heading toward resistance at 17.07 (09/11/2018 high). Hourly support lies 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)

Bouncing back.

• Crude oil increases back, trading above 61. Crude oil is contained between resistance at 64.77 (11/01/2017) and support at 55.82 (07/12/2017 low). The technical structure suggests short-term upside moves.

• 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.