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Technical Plays of Gold, Silver And Crude Oil


While murder of Jo Cox, a British advocate of UK remaining in Europe, triggered an immediate halt to Brexit and Bremain campaigns during later Thursday, markets took it as a sign of No Brexit and scaled back some of the safe-haven buying, which earlier fueled the Gold prices to near two-year highs, resulting a negative daily closing to the bullion. However, the yellow metal reversed back from 1275 on Friday and is again aiming the 1300 mark prior to challenging yesterday's high of 1315.50. Should the precious metal manage to extend its up-move beyond 1315, an upward slanting trend-line resistance, around 1328, can hold its further advances confined, failing to which can propel the bullion's north-run towards 61.8% FE of December 2015 – May 2016 rally, near 1358. Alternatively, a dip below 1275 can fetch the prices to 1260 and the 1255 support levels while additional downturn below 1255 might find it difficult to clear the 1242-38 region, comprising 23.6% Fibonacci Retracement level and 100-day SMA. If the safe-haven metal closes below 1238, chances of its dip to 38.2% Fibo level of 1205, quickly followed by 1200 round figure mark, can't be denied.


Even if the Silver prices failed to clear short-term ascending trend-channel resistance, support-line of the channel activated the metal's fresh up-move towards 17.50 and the 17.70 nearby upside numbers before challenging yesterday's high of 17.85. If the metal surpasses 17.85, channel resistances and the May month high at 18.00 round figure becomes important to watch, which if broken fuels the bullion towards 18.50 mark, encompassing 61.8% FE of its December 2015 – May 2016 advance. Meanwhile, channel-lower-line and the 23.6% Fibonacci Retracement level of its February – May upside, around 17.20, presently acts as strong immediate support, breaking which can immediately drag the prices to 16.90 and the 38.2% Fibo level of 16.70. Moreover, extended price decline below 16.70 can re-print 50% Fibo level of 16.30, adjacent to 16.15 and the current month's low of 15.80, support numbers on the chart.

WTI Crude Oil

Following its confirmation of short-term "Rising-Wedge", a bearish technical formation, the Crude prices went down to a month's low; however, 50-day SMA triggered its bounce on Friday, which currently struggles to clear 48.00 immediate resistance. If the energy prices surpass 48.00, the 48.30 and the 49.20 are likely following upside numbers that the Crude traders need to observe before looking at the 49.80 and the 50.00 round figure. Should the energy vehicle maintain its upside beyond 50.00, 50.60 and the 51.20-30 horizontal resistances are crucial for it to surpass prior to revisiting the present month high around 52.00. On the downside, a drop below 50-day SMA level of 46.40 might drag the Crude prices to 50% Fibonacci Retracement of its May 2015 – January 2016 decline, near 45.50-45. With a further drop below 45.45, the 45.50 and the 44.60 are likely important supports before the quote can visit 42.70 and the crucial 41.30-20 support-zone, including 200-day SMA & 38.2% Fibo level.

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Monday, 20 Jun, 2016 / 5:02

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