Technical Checks For Gold, Silver & WTI Crude Oil: 21.07.2017

GOLD

Gold’s reversal from $1205-04 support-zone is presently being questioned by 50-day & 100-day SMA confluence region of $1248-49, which if can’t compress the yellow metal’s recovery might flash $1260 on the chart. During the Bullion’s additional up-moves beyond $1260, the $1271 and the $1283 are likely important levels, breaking which $1295-96 “Double-Top” comes into play. On the contrary, the $1235, the $1228 and the $1216 seem nearby supports that the precious-metal traders should watch before targeting the $1205-04 while being short. Should prices drop below $1204 on a daily closing basis, $1200 and the $1193 might re-appear as quotes.

SILVER

Even after trading near the highest levels in more than two-weeks, Silver might find it difficult to surpass $16.50-55 confluence-region, comprising an upward slanting resistance-line and a horizontal-line. However, the white-metal’s break of $16.55 enables it to challenge another resistance-zone around $16.85-90, breaking which $17.15, the $17.30 and the $17.50 can please Bulls. Meanwhile, $16.30 and the $16.15 TL could offer immediate rests to the metal during its pullback but a break of $16.15 would confirm a short-term “Rising-Wedge” bearish formation and may trigger the Bullion’s south-run towards $15.85 & $15.75 supports. In case if sellers refrain to respect $15.75, chances of witnessing $15.45 and the $15.00 on the chart can’t be denied.

WTI CRUDE OIL

Following its failure to surpass a month-old ascending trend-line, the Crude prices are likely declining in direction to $45.80-75 support re-test, clearing which $45.30 and an upward slanting TL, at $44.80, could try limiting the energy quotes. If at all the crude closes below $44.80 on a daily closing basis, it confirms the “Rising-Wedge” formation and signals a drop to $43.50 and the $43.00 before challenging the $41.80 support. Alternatively, $47.20 and the $47.60 TL, followed by 100-day SMA level of $47.90, can keep limiting the Crude’s near-term advances, breaking which $48.30 is likely buffer which can increase the importance of three-month old descending TL resistance, at $49.00. Should prices continue rising after $49.00, the $49.80 and the $50.30 can be expected to appear.

Cheers and Safe Trading,
Anil Panchal