Technical Checks For Gold, Silver & WTI Crude Oil: 01.09.2017

GOLD

Even as break of $1295-96 horizontal-line propelled the Gold prices to nine-month high, resistance-line of an upward slanting trend-channel, at $1326 now, has been restricting the yellow-metal’s upside since recently. With the expected strength of US employment report, coupled with presence of channel-resistance, chances of the Bullion’s pullback to $1304 and then to $1295 are high; however, its following downside can’t be confirmed until the break of the $1286 channel-support figure. In case of the metal’s daily close below $1286, the $1274 may offer an intermediate halt prior to reigniting the importance of 50-day & 100-day SMA confluence region of $1259-60. On the contrary, a clear break of $1326 could further escalate the medium-term up-moves towards $1337, $1344 and then the $1353 consecutive resistances. Should Bulls continue favoring the safe-haven after $1353, the $1358, the $1367 and the $1375 could come-back on the chart.

SILVER

Contrast to Gold, the Silver still has some more room on the upside as the $17.74-75 horizontal-line & $18.00 channel-resistance are still untouched. Given the quote surpasses $18.00 on a day’s close, the $18.35, $18.50 and the April high, around $18.65, could please buyers. Meanwhile, $17.45 & $17.25 may act as immediate supports for prices, breaking which the $17.00 channel-support mark and the 100-day SMA level of $16.80 gain importance. If at all the metal closes below $16.80, the $16.50, the $16.30 and the $16.00 are likely rest-points that can be availed.

WTI CRUDE OIL

With the short-term descending trend-line again limiting the Crude’s up-side, the energy quote may re-test $46.30 and the $45.70; though, lower-line of an immediate trend-channel, at $45.25, can help trigger its bounce, failing to which could further drag the prices to $44.80-75 support-zone. In case of the Crude’s extended fall below $44.75, the $43.70 and the $43.50 might please Bears. Alternatively, aforementioned TL number of $47.30 seem nearby crucial resistance, breaking which $47.80 and the $48.45, comprising channel’s upper-line, can be targeted by buyers. Should energy optimists fuel prices beyond $48.45, the $49.10 & $50.00 round-figure are expected levels to watch.

Cheers and Safe Trading,
Anil Panchal