GOLD (in USD) Bearish pause.
Gold’s weakness is definitely on since the metal reached resistance given at 1263 (27/02/2017 high). Expected to reach support at 1177 (11/01/2017 low). For the time being, the metal is pausing around $1200.
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 (in USD) Consolidating.
Silver’s selling pressures are important. Hourly support is given at 16.63 (27/01/2016 low). Expected to see continued bearish pressures.
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 (in USD) Selling pressures diminish around $48.
Crude oil’s bearish pressures continues. The commodity has been unable to mount a serious challenge to 55.24 (03/01/2017 high) resistance. Strong support given at 49.61 (08/12/2016) has been broken. Expected to see deeper selling pressures.
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).
