Silver: Sideways price action
GOLD (in USD)
Bearish breakout.
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Gold starts declining after reaching 1329. The pair is ready for another leg lower, approaching the 1310 range and hourly support given at 1300 (29/12/2017 low). Hourly resistance remains at 1348 (20/02/2018 high). Expected to show further declining 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)
Sideways price action.
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Silver is stabilizing following its abrupt decline at 16.39, currently trading along the 16.50 range. The pair is contained between hourly support and resistance given at 16.25 (12/01/2018 low) and 16.98 (15/02/2018 high). The short-term technical structure suggests further short-term decrease.
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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)
Rising back.
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Crude oil upward trend starts back, heading for the 61 range and distancing hourly support at 59.72 (15/02/2018 low). Hourly resistance remains at 64.77 (11/01/2018 high). The technical structure suggests short-term increase.
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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.
