Technical Overview of Gold, Silver & WTI Crude Oil: 22.06.2018

GOLD

Gold’s U-turn from $1261-60 horizontal-support can’t be termed as a sign of its reversal unless it clears the support-turned-resistance, at $1274, on a daily closing basis. Should the yellow metal manages to surpass $1274, the $1284 and the $1288 are likely intermediate halts that it can avail ahead of targeting the $1300 round-figure; though, 50-day & 200-day SMA confluence, near $1305, may confine the Bullion’s advances past-$1300. On the downside, a D1 close beneath the $1260 can make prices drop to $1252-51 support-zone, breaking which the $1243 & $1235 can entertain the sellers. In case if the safe-haven declines below $1235, the $1230 & $1218 might reappear on the chart.

SILVER

While Gold is still left to justify its recent strength, the Silver’s bounce from a year-long support-line signals brighter chances of its further rise towards 100-day SMA level of $16.55, which if broken could highlight the $16.70 barrier, comprising 200-day SMA. Given the white-metal continue rallying beyond  $16.70, the $16.90 could act as a buffer before pushing buyers to observe longer-term TL resistance, at $17.15. Meanwhile, aforementioned support-line, at $16.25, could keep restricting the quote’s near-term downturn but a daily break of which might not hesitate flashing $16.00 & $15.85 on the Bears’ radars. Moreover, sustained south-run below $15.85 can make the metal vulnerable enough to re-test $15.60 & $15.45 supports.

Crude Oil

Even with the on-and-off at global energy producers’ meet, Crude is yet to offer a decisive break of short-term symmetrical triangle formation that confines its moves between $66.40 and the $64.60. Assuming Iran’s victory over Russia & Saudi Arabia’s production-hike proposal, the energy-mark could aim for $67.10-20 horizontal-region and then the $67.80-85 resistance-level. If prices rise above $67.85, the $68.55, the $69.30 and the $70.00 could please the Bulls. Alternatively, $65.80 may provide immediate support to the quote prior to highlighting the pattern’s lower-line, at $64.60. Should energy pessimists sneak in after $64.60, the $64.00, the $63.55 and the 61.8% FE level of $63.05 can become their favorite rest-points.

Cheers and Safe Trading,
Anil Panchal