GOLD
With its repeated failures to clear $1334-35 immediate resistance, the Gold prices are presently testing five-week old ascending trend-line, at $1323, breaking which it can drop to $1315-16 horizontal-line. Given the yellow metal’s additional downturn after $1315, the $1300, the $1294 & the $1290 could entertain sellers prior to offering them the $1285-81 multiple support-zone. Alternatively, a clear break of $1335 could propel the precious-metal towards $1343, which if broken may further accelerate its up-moves to the $1347, the $1351 and the $1358 resistance-levels. In case if the quote continue rising beyond $1358, the 61.8% FE level of $1371.50 could appear on the chart.
SILVER
Alike Gold, the Silver is also testing nearby support-line; though, a horizontal one around $17.65-66, which if broken can fetch the white-metal to a month-long ascending trend-line support of $17.35. During the bullion’s additional weakness below $17.35, the $17.20 and the $17.00 could mark their presence while $16.80 and the $16.55 may appear on seller’s radar then after. Meanwhile, a downward slanting TL, at $17.80 now, limits the metal’s near-term advance, breaking which $18.00, the $18.10 and the $18.25 may become live. Further, 61.8% FE level of $18.55 seems to be the Buyers’ next target if the successfully conquer the $18.25 number.
WTI CRUDE OIL
Even after failing to clear the $50.30-45 horizontal-line, the Crude still trades above 200-day SMA and indicates brighter chances to surpass the $50.45, which in-turn could open the door for its north-run to $51.00 and the $51.70. If the energy quote manages to sustain its trading above $51.70, the $52.50 and the $53.30 could be considered as good resistances to watch. On the downside, a daily close below 200-day SMA level of $49.25 can drag the prices to the $48.70, the $48.25 and the $47.20 supports. Though, nearly three-month old ascending trend-line, at $46.50, may confine its follow-on downside, which if neglected could magnify the Crude weakness by flashing $45.50 and the $45.00 rest-figures.
Cheers and Safe Trading,
Anil Panchal