Technical Outlook of Gold, Silver & WTI Crude Oil: 06.04.2018

GOLD

Even if recent strength of the USD dragged Gold prices to more than a fortnight low, nearly four-month old ascending trend-line, at $1319 now, confined its further downside and is presently helping the metal to target $1328 and $1333 nearby resistances. Should the quote rises beyond $1333, the $1341 and the $1348 are likely following numbers that buyers may observe ahead of aiming to conquer the downward slanting TL resistance mark of $1356. On the contrary, a daily closing below $1319 can quickly fetch the Bullion to 100-day SMA level of $1311.80 and then to the $1307 rest-point. Moreover, the precious-metal’s additional declines below $1307 reignite the importance of $1299 and $1295 that encompasses 200-day SMA.

SILVER

Having failed to clear short-term trend-line resistance, the Silver seems coming down towards $16.17-15 horizontal-line, breaking which $16.10 could entertain the sellers; though, metal’s dip beneath the $16.10 can trigger its fresh south-run in direction to 61.8% FE level of $15.80. Meanwhile, the $16.45 and the $16.55 may become immediate resistances to watch ahead of observing the $16.65 TL mark. Should prices surpass $16.65, the $16.95-$17.00 horizontal-area might gain traders’ attention.

WTI Crude Oil

Alike Silver, the Crude is also expected to re-test support-line, herein the seven-week long ascending trend-line figure of $62.10 is the stat to follow. If the energy quote drops below $62.10, also clear the $62.00 round-figure, the $61.90, the $61.55 and the $60.80 may act as buffers prior to highlighting the $60.00 mark. Alternatively, adjacent trend-line resistance, at 63.80, can restrict the Oil’s nearby upside, breaking which $64.30 and the $65.40 can mark their presence on the chart. Given the Bulls manage to conquer the $65.40 resistance, the $66.45 and the $67.15, including 61.8% FE, can well be looked at if being long.

Cheers and Safe Trading,
Anil Panchal