Technical Overview of Gold, Silver & WTI Crude Oil: 27.01.2017

GOLD

Having failed to surpass $1218-20 horizontal-line resistance, comprising 38.2% Fibonacci Retracement of July – December 2016 downturn, Gold prices are now declining to test 50-day SMA support, around $1176, ahead of US GDP & Durable Goods Orders' announcement. Given US figures manage to please greenback Bulls, the yellow metal becomes weaker enough to extend latest drop below $1176 by aiming $1165 and the $1156 before meeting $1145 support-mark. However, disappointments from US details might again fuel the Bullion to challenge $1195 & $1202 before aiming the $1211 & the $1218-20. Should there be further upside by the quote beyond $1220, 100-day SMA level of $1231 becomes crucial for traders to watch, breaking which chances of witnessing fresh price-run towards $1248-50 area, including 50% Fibo, can't be denied.

SILVER

Alike Gold, Silver also failed to surpass near-term important trend-line resistance, connecting September – November highs, with 50-day SMA figure of $16.55 being immediate support to watch. If the industrial metal declines below $16.55, $16.25 & $15.90 can entertain sellers before pleasing them with $15.60 figure. On the upside, 23.6% Fibonacci Retracement of July – December 2016 drop, at $16.90, can keep restricting the metal's near-term advances, breaking which it can again confront the mentioned trend-line mark of $17.20 and the 100-day SMA number of $17.40. In case of the sustained prices-move above $17.40, the metal can be termed strong enough to flash $17.90 - $18.00 on the chart.

WTI Crude Oil



Crude is a different breed than that of precious metals discussed above and has been taking support from two-month old ascending trend-line, which in-turn signal brighter chances of its up-move towards 53.90 & 54.20 before confronting the 54.65-85 horizontal-line. Should energy buyers help the quote to surpass $54.85 on a daily closing basis, the $55.00 becomes a small barrier before it could rise to $55.80 & $56.10 resistance-figures. Meanwhile, aforementioned TL mark of $52.00 continue to become near-term important level, breaking which 50-day SMA figure of $50.80 and the $50.00 psychological mark can comeback. Given sellers' dominate prices below $50.00 and break $49.80 support, it becomes wise to expect $47.80-70 during further downside.

Cheers and Safe Trading,
Anil Panchal

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