Silver: Weak bounce

Peter A Rosenstreich Swissquote Bank Ltd

GOLD (in USD)

Recovery bounce.

Gold is recovering after its recent strong sell-off. Resistance is located at 1326 (04/01/2018). Support is now at 1306 (12/01/2018 low). The technical structure suggests however further downside 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).

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SILVER (in USD)

Weak bounce.

Silver keeps heading lower and trades now below 16.50. The short-term technical structure is turning negative. Hourly resistance lies at 18.21 (08/09/2017 high). The 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)

Decline still in place.

Crude oil has broken the key support at 60.93 (05/01/2018 low). Hourly resistances stand at 62.80 (08/02/2018). Strong support is located at 55.82 (06/12/2017 low). Expected to keep increasing as demand remains strong.
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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