Technical Update For Gold, Silver & WTI Crude Oil: 16.11.2018

Anil Panchal
Technical Update For Gold, Silver & WTI Crude Oil: 16.11.2018

GOLD

Having reversed from 200-week SMA, Gold couldn’t sustain its pullback & took another U-turn from $1196 targeting $1220; however, its further advances might again struggle to last long as 200-week SMA level of $1234.50 still stand strong to disappoint buyers. In case the bullion cross $1234.50 on a weekly closing basis, $1244 and the $1265 are likely following numbers that can mark their presence on the chart. Alternatively, $1196 and the $1182-80 may act as strong supports, breaking which $1160 & $1142 can entertain sellers. Assuming the safe-haven continue trading southwards past-$1142, then the $1122 and the $1100 might grab market attention.

SILVER

Breaks of fortnight old descending trend-line and a month-long horizontal-region seems failing their strength to propel Silver towards $14.50 as $14.35 recently dragged it back in direction to $14.20 support-confluence. If at all the white metal drops beneath $14.20, the $14.10, the $14.00 and the $13.90 can act as intermediate halts during its plunge to 61.8% FE level of $13.70. On the contrary, an upside clearance of $14.35 highlights the importance of $14.50 and the $14.60 resistances. Though, $14.80 & $14.90 may challenge Bulls after $14.60, if not then $15.00 & $15.25 could become their landmarks to achieve.

WTI CRUDE OIL

Even after dipping below nearly three-year long ascending support-line, WTI Crude Oil bounced off the $54.70-50 support-zone, which in-turn increases chances of its recovery to $59.00 and to the $61.20-30 but $63.80 – $64.00 might confine additional rise. Given the energy optimists rule beyond $64.00, the $65.50 and the $66.70-80 can trouble them. Meanwhile, a W1 close below $54.50 opens the gate for the quote’s decline to 200-week SMA level of $52.30 and then the $51.50. Should prices refrain to respect $51.50 rest-point, the $50.00 and the $48.80 can please the Bears.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US