GOLD Short-term bullish bounce.
Gold’s is trading higher after the precious metal reached the $1200 level. Hourly support is now given at $1204 (10/07/2017 high). Hourly resistance can be found at 1229 (06/07/2017 high). Expected to show renewed bearish pressures in case the resistance level at 1229 holds.
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 Short-squeeze.
Silver is bouncing higher from hourly support at 15.18 (10/07/2017 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 Sideways price action.
Crude oil is trading above $44. The volatility is declining. Hourly support is given at 43.65 (10/07/2017 low). Expected to show continued short-term bullish improvement.
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).
