Gold Moving Sideways; Silver Sideways; Crude Consolidating
Swissquote Ltd | Mar 13, 2018 10:53
GOLD (in USD) Moving sideways
Gold is currently direction less. The pair is ready for another leg lower, approaching the 1325 range. The pair is contained between hourly support and resistance at 1300 (29/12/2017 low) and 1348 (20/02/2018 high). Expected to show further 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).
SILVER (in USD) Sideways
Silver selling pressures have started, the pair is heading along the 16.45 range. The pair is contained between hourly support and resistance given at 16.25 (12/01/2018 low) and 16.98 (15/02/2018 high). 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) Consolidating
Crude oil continue sideways consolidation. Hourly support and resistance remain at 59.72 (15/02/2018 low) and 64.77 (11/01/2018 high). The technical structure suggests short-term decrease.
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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