Technical Outlook For Gold, Silver & WTI Crude Oil: 11.08.2017

GOLD

Although present run for risk-safety helps Gold prices to meet more than two-month high, the $1295-96 confluence-region, comprising resistance-line of a short-term ascending trend-channel and a horizontal-line that formed double-tops earlier, could restrict the Bullions additional advances. Incase if the quote refrains to respect the $1296 mark, the $1308, the $1311 and the $1321 may offer intermediate halts during its north-run towards November 2016 high around $1338. Should overbought RSI play its role in pulling the metal back, $1277, $1273 & $1268 are likely nearby supports to appear on the chart. However, the precious-metal’s following drop might find it difficult to break channel-support of $1259 which is near to 100-day SMA level of $1254 & 50-day SMA level of $1251. If at all Bears dominate after $1251 break, the $1235 & $1229-28 may flash in their radar.

SILVER

Unlike Gold, which is heading to its next resistance, the Silver has already cleared 200-day SMA on a daily closing basis, which in-turn favors its upside towards $17.30 and then to the $17.50 before confronting the $17.75 horizontal-line. During the white-metal’s additional rise beyond $17.75, the $18.00 and the $18.25 could act as buffers prior to pushing the buyers to target April high of $18.65. Alternatively, $16.95-90 and $16.65 should be considered as immediate supports for the metal, breaking which $16.35 & $16.00 might please sellers. Given the bullion’s sustained downturn after $16.00, the $15.75 & $15.40 may raise barriers ahead of fetching it to $14.60.

WTI CRUDE OIL

Compared to Gold and Silver, which are rising, the Crude is bearing the burden of its inability to surpass nearly six-month old descending trend-line resistance and is near to test 100-day SMA level of $47.75. However, a seven-week long upward slanting trend-line, at $47.15 now, might restrict its dips afterwards, failing to which can magnify the sellers’ dominance in aiming $46.50 and the $45.75 rest-points. Meanwhile, the energy-vehicle’s bounce from $47.75 can help it revisit $48.70 and then to $49.50 but the aforementioned TL resistance, at $50.00 now, could keep gaining traders attention then after. Should there be an extra buying power that propels oil beyond $50.00 on a daily closing, the $50.40, $50.80 and the $51.65 may entertain traders.

Cheers and Safe Trading,
Anil Panchal