GOLD (in USD) Trying to bounce after collapse
Gold is starting a recovery phase after recent bearish breakout at 1289. Hourly support at 1300 (29/12/2017) is now broken. The pair is heading along the 1300 range. Hourly support and resistance are now given at 1263 (21/12/2017 low) and 1329 (08/03/2018 high). The technical structure suggests short-term upward moves.
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). The pair is trading below its 200 DMA.
SILVER (in USD) Increasing
Silver is bouncing off from 16.21 low, currently trading at 16.30 and heading along the 16.36 range. Hourly support and resistance are given at 16.05 (19/12/2017 low) and 16.87 (06/03/2018 high). The technical structure suggests shortterm increase.
In the long-term, the trend remains negative/ sideways. Further downside is very likely. Resistance is located at 21.58 (10/07/2014 high). Strong support can be found at 11.75 (20/04/2009). The pair is trading below its 200 DMA.
Disclaimer: While every effort has been made to ensure that the datat quoted and used for the research behind this document is reliable, there is no guarantee that it is correct, and Swissquote Bank and its subsidiaries can accept no liability whatsoever in respect of any errors or omissions, or regarding the accuracy, completeness or reliability of the information contained herein. This document does not constitute a recommendation o sell and/or buy any financial products and is not to be considered as a solicitation and/or an offer to enter into any transaction. This document is a piece of economic research and is not intended to constitute investment advice, nor to solicit dealing in securities or in any other kind of investment.
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