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