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Technical Update: Gold, Silver And WTI Crude Oil


With Trump victory fueling optimism amidst global USD traders, safe-haven demand for precious-metals have been testing grounds off-late. Gold, which leads the downturn, is presently testing the $1250-49 horizontal-support, also including 38.2% Fibonacci Retracement of December 2015 – July 2016 up-move, with brighter chances of visiting $1239 & $1223 downside figures on further decline. Given the yellow metal fail to take a U-turn around $1223, another horizontal-line area of $1200 - $1199 can come into play. Alternatively, the bullion's daily close above $1266 immediate resistance might trigger its short-term upswing towards $1275, $1287 and the 23.6% Fibo level of $1297 north-side figures. However, 100-day SMA, at $1314 now, followed by downward slanting trend-line resistance of $1329-30, can continue acting as strong upside resistance for the quote.


Unlike Gold, the Silver seems confined by the 100-day SMA and haven't faced any downside pressure, mainly because of its industrial use. However, the white-metal's incapacity to surpass 100-day SMA level of $19.00 indicates more likeliness of a pullback move towards $18.25 and the $17.85 supports. Though, a longer-term ascending trend-line support of $17.55 might restrict the Silver's additional declines, which if broken can trigger fresh south-run towards $17.00 and the $16.75 supports. Meanwhile, the metal's closing break of $19.00 may have to face $19.35, including 23.6% Fibonacci Retracement of its December 2015 – July 2016, and the descending TL mark of $19.45 resistances before it could aim for $20.00 psychological magnet. If the quote manages to sustain a break of $20.00, chances of its run to $20.45 & $21.15 can't be denied.


Given the recent market-concerns for higher oil-production going-forward, Crude prices are struggling to have a close below 200-day SMA level of $44.00, which in-turn could trigger its fresh downside towards $42.50 and the $41.70 support-levels. In case if the November 30 OPEC meeting fail to agree on Global-Oil-Production freeze agreement, the energy price could be up for further south-run towards $40.50 and the 50% Fibonacci Retracement of its January – June up-move, at $40.00. On the upside, unless the quote beyond $45.75, it might aim for 23.6% Fibo level of $46.40 and $47.15. Should the fundamentals improve and fuel prices rally beyond $47.15, the $48.70 and the $49.60 resistances can be seen on the chart.

Cheers and Safe Trading,

Anil Panchal

Monday, 14 Nov, 2016 / 4:00

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