GOLD (in USD) Decreasing
Gold is decreasing following recent sideways trading phase, trading below 1315 and expected to decline along the 1308 range. The pair is contained between hourly support and resistance given at 1300 (29/12/2017 low) and 1338 (19/02/2018 high). The technical structure suggests further short-term decrease.
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).
SILVER (in USD) Bearish consolidation
Silver is giving signs of further weakness following recent consolidation phase at the 16.30 range, approaching hourly support at 16.18 (09/02/2018 low). Hourly resistance at 16.98 (15/02/2018 high) is distanced. The short-term technical structure suggests further short-term decrease.
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) Strengthening
Crude oil is bouncing off from 61.36 low, approaching hourly resistance at 64.14 (22/01/2018 high). Hourly support at 59.72 (15/02/2018 low) is distanced. The technical structure suggests short-term increase.
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.
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