Crude oil is starting a strong declining phase after reaching 66.41 high and heading along the 64.16 range. Silver is currently contained between hourly support and resistance at 62.85 (19/01/2018 low) and 66.66 (25/01/2018 high). The technical structure suggests short-term downward moves.
In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness is very likely. For the time being, the pair lies in an upside trend since June 2017. Support lies at 42.20 (16/11/2016) while resistance is located at 77.83 (20/11/2014). Crude oil is trading largely above its 200 DMA.
