HomeContributorsTechnical AnalysisGOLD Ready To Bounce Back Above 1214, SILVER Continued Decline, CRUDE OIL...

GOLD Ready To Bounce Back Above 1214, SILVER Continued Decline, CRUDE OIL Profit-Taking After The Strong Increase.

GOLD Ready to bounce back above 1214.

Gold’s is trading sideways. The commodity has broken hourly support located at 1236 (26/06/2017 low). Stronger support is given at 1214 (09/05/2017 low). Hourly resistance can be found at 1258 (23/06/2017 high). Expected to show further monitoring of support at 1214.

In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low).

SILVER Continued decline.

Silver’s short-term decline should continue until support at 15.63 (27/12/2016 low). Key resistance is given at a distance at 17.75 (06/06/2017 high). The road seems wide open for further decline.

In the long-term, the death cross indicates that further downsides are very likely. Resistance is located at 25.11 (28/08/2013 high). Strong support can be found at 11.75 (20/04/2009).

CRUDE OIL Profit-taking after the strong increase.

Crude oil is back to bearish again. Support is given at 42.05 (21/06/2017 low). Expected to show renewed weakness.

In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. Strong support lies at 35.24 (05/04/2016) while resistance can now be found at 55.24 (03/01/2017 high).

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