GOLD Bearish breakout.
Gold’s is trading lower towards strong support given at 1214 (09/05/2017 low). Hourly resistance can be found at 1258 (23/06/2017 high). Expected to show continued weakness.
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).
SILVER Strong bearish momentum.
Silver has broken support at 15.63 (27/12/2016 low). Key resistance is given at a distance at 17.75 (06/06/2017 high). The road seems wide open for further decline.
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 Profit-taking after the strong increase.
Crude oil is back to bearish again. Support is given at 42.05 (21/06/2017 low). Expected to show continued weakness.
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 35.24 (05/04/2016) while resistance can now be found at 55.24 (03/01/2017 high).
