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Technical Outlook: Gold, Silver And Crude Oil

GOLD



While recent strength of the US Dollar, coupled with less demand of India, world's second largest Gold consumer, dragged Gold prices towards testing more than two-month low, the yellow metal failed to clear $1300 – $1305 horizontal support-zone and trades around $1311 ahead of the crucial US NFP data. Given the US Job figure pleases greenback traders, the gold prices can re-test the mentioned support-region; however, 100-day SMA and 23.6% Fibonacci Retracement of the bullion's December 2015 – July 2016 rally, around $1297-96, followed by nine-month old ascending trend-line support of $1290, might restrict its further downside below $1300 break. In case of an extremely upbeat labor market report fetching the precious metal prices below $1290, chances of its plunge to $1265-63 can't be denied. Alternatively, a downbeat NFP figure and higher than forecast print of Unemployment rate could trigger the bullion's quick rise to $1317 and $1330 nearby resistance, which if broken enables it to confront with short-term descending TL of $1343. Given the yellow metal manage to surpass $1343 on a daily closing basis, it becomes capable enough to flash $1358, $1365 and the July highs of $1375 on the chart.

SILVER



Ever since the Silver prices dipped below $19.20-15 horizontal support, it kept trading between $18.40 - $19.00 range; however, 38.2% Fibonacci Retracement of its December 2015 – July 2016 up-move, also comprising 100-day SMA, at $18.25-20, offers strong support to the white metal. Given the USD rally, during post-NFP trading, drags Silver below $18.20, the $17.90 and the $17.60 are likely downside numbers that need to be observed before eyeing the $17.00 round figure support. Meanwhile, $19.20-15 resistance-confluence can keep limiting the white metal's immediate upside, breaking which it can rally to $19.50 and the $19.65 north-side figures. If prices continue its north-side momentum beyond $19.65, the $20.00 and the $20.40 quotes can comeback.

CRUDE OIL [WTI]


With a recent run-up in US Crude stockpiles and speculations concerning the future failure of global oil producers to agree over production freeze talks, the Oil prices continue declining and are presently struggling around 38.2% Fibonacci Retracement of its January – June upside, at $42.70. Given the energy instrument drops below $42.70 on a closing basis, it can test 200-day SMA level of $41.20 and the eight-month old ascending TL mark of $40.70. Should it breaks the $40.70 TL, also dips below $40.00 psychological level, it becomes vulnerable enough to plunge towards $38.70-50 support-region. On the upside, $44.10 and the $45.00 are likely immediate resistances that the Crude needs to surpass in order to aim for $45.80 and the 23.6% Fibo level of $46.30. If it breaks $46.30, the Crude price can extend the north-run towards $46.80, $48.00 and the $48.70 resistances.

Cheers and Safe Trading,

Anil Panchal

Monday, 05 Sep, 2016 / 9:33

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Source : http://www.mtrading.com/analytics/technical-analysis/technical-outlook-gold-silver-and-crude-oil

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