Sun, May 22, 2022 @ 10:23 GMT

Gold: Strong Weakness

GOLD (in USD) Strong weakness.

Gold is showing no signs of reversing bearish course after recent pullbacks. The positive midterm trend has been broken. It is unlikely that the metal will test again 1263 (27/02/2017 high). Expected to reach strong support at 1177 (11/01/2017 low).

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 (in USD) Collapsing.

Silver’s selling pressures are growing since the pair exited uptrend channel. Hourly support at 17.75 (14/02/2017 low) has been broken, Next one lies at 16.63 (27/01/2017 low). Expected to see continued bearish pressures below 17.00.

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 (in USD) Continued weakness.

Crude oil’s bearish pressures continues. The commodity has been unable to mount a serious challenge to 55.24 (03/01/2017 high) resistance. Strong support given at 49.61 (08/12/2016) has been broken. Expected to see deeper selling pressures.

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 24.82 (13/11/2002) while resistance can now be found at 55.24 (03/01/2017 high).

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