Technical Outlook Of Gold, Silver & WTI Crude Oil: 10.11.2017

GOLD

With the Gold’s recovery from $1265.50 stretching well beyond two-month old descending trend-line, chances of its further up-moves become brighter; however, the $1290-91 horizontal-line is likely restricting the yellow metal’s immediate advances. Given the Bullion’s ability to surpass the $1291 mark, the $1298 and the $1306 can act as intermediate halts ahead of highlighting the importance of $1314 and the $1320-21 resistances. On the downside, an upward slanting TL figure of $1281 seems nearby stop during the metal’s pullback, breaking which it can quickly drop to the $1277 & the $1271 supports prior to registering $1265.50 again on the chart. Following the break of $1265.50, the $1261-60 and the 61.8% FE level of $1246 might be targeted by the sellers.

SILVER

Even if the resistance-line of a short-term symmetrical triangle triggered the Silver’s pullback, the $16.90 support-mark reversed the action and is presently favoring the white-metal’s another attempt to challenge the formation’s upper-line, at $17.22 now. If the quote clears the $17.22 barrier, the $17.33, the $17.50 and the $17.60 may entertain buyers before pleasing them with the $17.85 and the $18.00 numbers to north. Alternatively, break of $16.90 can drag the prices to $16.78 support-line, which if broken could extend the downturn to $16.60 and then to the $16.53-52 horizontal-area. Should the metal declines beneath $16.52, it becomes vulnerable to revisit the October low, around $16.30.

WTI CRUDE OIL

Even if the WTI Crude witnessed pullback moves from $57.80, the energy prices aren’t expected to plunge unless closing below $54.60 on a D1 basis; though, more than a year-long ascending trend-line, coupled with 61.8% FE level, may confine the quote’s near-term advances around $58.40-50 region. Presently, the Crude’s up-moves from $56.30 may aim for $57.50 and then to the $58.00 ahead of portraying another confrontation to $58.40-50 region. In case if Bulls manage to cross $58.50 on a daily closing basis, it seems wise to look for $60.00 while being long. Meanwhile, the $56.30, the $55.50 and the $55.00 can offer adjacent supports to the Crude, breaking which the $54.60 becomes crucial for traders. Given the successful break of $54.60, the $53.70, the $53.30 and the $52.50 could appear in sellers’ radar.

Cheers and Safe Trading,
Anil Panchal