Silver: Recovery phase

Peter A Rosenstreich Swissquote Bank Ltd

GOLD (in USD)

Bouncing off.

Gold is bouncing back from 1307 low, heading along the 1320 range. The pair remains 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 increase.
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).

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SILVER (in USD)

Recovery phase.

Silver is bouncing back after breaking hourly support at 16.18 (09/02/2018), approaching the 16.50 range. Hourly support and resistance are now given at 16.03 (18/12/2017 low) and 16.98 (15/02/2018 high). The short-term technical structure suggests further short-term rising moves.
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)

Testing resistance at 64.14.

Crude oil continues its bounce, approaching hourly resistance at 64.14 (22/01/2018 high) and expected to rise further. Hourly support remains at 59.72 (15/02/2018 low). 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.

Author

Peter A Rosenstreich

Swissquote Bank Ltd

Peter Rosenstreich is Swissquote Bank’s Head of Market Strategy and manages the global strategy desk; he has held various positions in several banking institutions in the United States, Europe & Asia.

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