Technical Update For Gold, Silver & WTI Crude Oil: 12.01.2018
GOLD
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Having successfully breached the $1305-06 horizontal-region, the Gold is presently struggling with the $1332-33 resistance-zone, which if broken could escalate the metal’s northward trajectory towards the $1340, the $1342 and the $1345 consecutive upside numbers. Given the Bullion prices manage to surpass $1345 barrier, it can easily challenge the September 2017 high of $1357.50 while targeting $1361. Meanwhile, $1324, the $1317 and the $1313 are likely immediate supports that the precious-metal can test during its U-turn, breaking which $1306-05 area again comes into play. In case if the quote declines below $1305 on a daily closing basis, the $1299, the $1296 and the 100-day SMA level of $1290 may entertain the sellers.
SILVER
With the 100-day & 200-day SMA confluence offering good upward push to the Silver, chances of its another attempt to clear the $17.40 become brighter; though, $17.27 might act as nearby resistance. Should the metal surpasses the $17.40 cap beyond D1 close, the $17.70 and the descending trend-line figure of $17.86 are expected following numbers to appear on the chart ahead of reigniting the importance of $18.25 resistance-mark. Alternatively, the said region of SMA confluence, around $16.90-95 seems crucial on the downside, break of which can register $16.75 and the 50-day SMA level of $16.67 as supports. Assuming the Bears’ dominance after $16.67, $16.50 and the $16.20 may appear in their radars to target.
WTI Crude Oil
Ever since the Crude surpassed 200-week SMA during mid-December, it never stopped the north-run and recently challenged the three-year high; however, prices need to offer a weekly closing above $63.70 in order to justify its strength in targeting the $65.60 and the $69.50. Moreover, quote’s additional rise beyond $69.50 enables it to claim $73.00. On the downside, $62.00 and the $59.00 might entertain short-term sellers if prices reverse from current levels but the 200-week SMA figure of $57.00 could restrict its further declines. If energy trader fetches the Crude below $57.00 on a weekly closing basis, the $54.70 and the $52.00 seem important to watch.
Cheers and Safe Trading,
Anil Panchal