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Gold, Silver And WTI Crude Oil: Technical Update


During its reversal from five-year old descending trend-line resistance, Gold prices tested nearly eleven-month low on Thursday. However, the yellow metal still has some room before it finds any good support, till $1100 - $1095 horizontal-line, with $1115 being immediate rest. Given the bullion drops below $1095, the $1075 and the $1058 may offer intermediate halts before it could re-test 2015 low around $1046. In case if prices continue declining below $1046, the $1000 psychological magnet may offer strong support, breaking which chances of its plunge to $970-65 and the $910, comprising 61.8% FE, can't be denied. On the upside, $1160 becomes nearby resistance for traders to watch, clearing which there are multiple resistances for the yellow metal between $1190 - $1200. Should Bulls dominate quote's move beyond $1200, the $1235-40 and the $1260 may please buyers before highlighting $1300 mark.


Unlike Gold prices, Silver already bounced-off from $15.90 - $16.00 horizontal support. Given the white-metal manage to sustain its U-turn, it can aim for $16.30 and the $16.80 resistances; however, 50-day SMA level of $17.25 may confine its further advances. Should prices manage to surpass $17.25, the $17.50 and the 200-day SMA level of $17.80 are important resistance for traders to observe. Meanwhile, a daily close below $15.90 opens the door for Silver's fresh south-run towards $15.50, $15.10 and then to $14.60. If at all the metal fails to respect $14.60, it becomes vulnerable to witness sub-$14.00 support-zone.


Following its failure to sustain $51.90 - $52.10 horizontal-resistance break, the Crude prices are witnessing pullback towards testing $49.80 and $49.25 supports prior to signaling $48.50-60 support-area. If energy prices decline below $48.50, 50-day SMA figure of $48.20 become crucial, which if broken can quickly fetch Crude to 23.6% Fibonacci Retracement level of $46.30. Alternatively, $51.30, adjacent to $51.90 - $52.10, can keep restricting the Crude's near-term upside. Should the energy-vehicle clears $52.10, it needs to justify its strength by providing a closing break above $53.20, which in-turn signal its further upside to 61.8% FE level of $54.00 and then to $55.00 resistances.

Cheers and Safe Trading,
Anil Panchal

Friday, 16 Dec, 2016 / 12:15

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