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Technical Outlook: Gold, Silver And WTI Crude Oil


Although three month old ascending trend-channel, coupled with present flow of safe-haven demand, indicates further upside by the Gold, failure to sustain the $1300 break dragged the yellow metal prices towards five months old upward slanting trend-line support, at $1257 now. Should the present strength of the US Dollar extends the bullion's pullback moves below $1257, the 50-day SMA level of $1250 and the 23.6% Fibonacci Retracement of December 2015 – May 2016 up-move, near $1242, are likely consecutive supports that it could witness prior to testing the mentioned channel support, around $1239. If at all the precious metal drops below $1239 on a closing basis, it becomes weaker enough to re-visit the $1200 round figure mark; however, $1215 and the 38.2% Fibo, near $1205, might act as buffer supports. On the upside, $1282, $1290 and the $1296 can provide nearby resistance to the metal before it could again aim to break $1300 mark. Should it successfully closes above $1330, resistances-line of the channel, at $1323, may hold its further upside captive, failing to which strengthens the Bulls to challenge the $1250 mark.


WTI Crude Oil

On Thursday, the Crude printed fresh six month high; however, overbought RSI, coupled with strength of USD, fetched the prices down on Friday, indicating further pullbacks to 45.50-45 immediate support, breaking which support-line of the short-term "Rising-Wedge" formation, near $44.60, becomes important level for the energy traders to watch. If prices drop below $44.60 on a closing basis, the bearish technical pattern gets confirmed, signaling a theoretical downside towards $39.00; though support-line of the four-month old ascending trend-channel, together with 50-day SMA, might hold its decline captive at $41.80-75. Alternatively, $48.75-80, comprising upper-line of the formation is likely an immediate resistance for the Crude to break before aiming the 61.8% Fibonacci Retracement of its May 2015 – January 2016 downside, breaking which $51.20-30 area, including horizontal resistance and the resistance-line of the channel, can test its strength. Given the energy prices rally beyond $51.30, it becomes capable enough to aim for $54 and the $55.90 - $56.00 resistances.

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Monday, 16 May, 2016 / 2:12

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